Title

XAUUSD  H4 | Bearish Reversal 

Type

Bearish  Reversal 

Preference:

The price is moving up towards the pivot level of 2572.38, which acts as a multi-swing high resistance close to 61.8% Fibonacci projection and 127.2% Fibonacci extension. A reversal at this level could cause the price to drop to 1st support at 2659.63, an overlap support.

 Alternative Scenario: 

If the price breaks above the pivot, it may rise to 1st resistance level at 1.3572, a pullback resistance