Title
XAUUSD M30 | Potential bullish rise
Type
Bullish rise
Preference:
The price is reacting off the pivot at 4,238.80, which is pullback support. A rise from this level could lead the price toward the 1st resistance at 4,314.57, a pullback resistance that is slightly above the 61.8% Fibonacci retracement.
Alternative Scenario:
If the price breaks below the pivot, it could fall to the 1st support at 4,181.27, which is a multi-swing low support.
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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.