Title
XAUUSD H1 | Bullish bounce off key support
Type
Bullish bounce
Preference:
The price is falling towards the pivot at 4,256.68, which is an overlap support that is slightly above the 61.8% Fibonacci retracement. A bounce from this level could lead the price toward the 1st resistance level at 4,347.36, a multi-swing high resistance.
Alternative Scenario:
If the price breaks below the pivot, it could fall to the 1st support at 4,217.91, which is an overlap support that aligns with the 78.6% Fibonacci retracement.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.