XAUUSD H4 I Bearish Reversal
Title
XAUUSD H4 I Bearish Reversal
Type
Bearish Reversal
Preference:
The price is moving towards the pivot level of 12651, which serves as a pullback resistance near the 50% Fibonacci retracement. A reversal at this level could cause the price to drop to the 1st support at 2616.32, a swing low support.
Alternative Scenario:
If the price breaks above the pivot, it may rise to the 1st resistance level at 2677.58, which acts as a swing-high resistance.