Title
XAUUSD H1 | Bullish continuation setup
Type
Bullish bounce
Preference:
The price is falling towards the pivot at 4,315.22, which is pullback support that aligns with the 38.2% Fibonacci retracement. A bounce from this level could lead the price toward the 1st resistance at 4,432.78, a resistance level that aligns with the 127.2% Fibonacci extension and also slightly below the 61.8% Fibonacci projection.
Alternative Scenario:
If the price breaks below the pivot, it could fall to the 1st support at 4,237.23, which is a pullback support that lines up 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.