Title
XAUUSD M30 | Heading into pullback resistance
Type
Bearish reversal
Preference:
The price is rising towards the pivot at 4,188.71, which is a pullback resistance that is slightly below the 50% Fibonacci retracement. A reversal from this level could lead the price toward the 1st support at 4,143.11, an overlap support.
Alternative Scenario:
If the price breaks above the pivot, it could rise to the 1st resistance at 4,211.04, which is a pullback resistance that is slightly above the 61.8% 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.