XAUUSD M30 | Bullish bounce off 38.2% Fib support
Title:
XAUUSD M30 | Bullish bounce off 38.2% Fib support
Type:
Bullish bounce
Preference:
The price has bounced off the pivot at 4,642.30, a pullback support that aligns with the 50% Fibonacci retracement. A bounce from this level could lead the price toward the 1st resistance level at 4,753.16, an overlap resistance.
Alternative Scenario:
If the price breaks below the pivot, it could fall to the 1st support at 4,584.05, a pullback 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.