XAUUSD H1 | Potential bearish reversal?
Based on the H4 chart analysis, the price is nearing our sell entry at 2009, which is a multi swing high resistance level which lines up with a 50% Fibonacci retracement.
In case of a reversal from this level, the price could potentially drop to our take profit level at 1984, which aligns with a swing low support level. We have set our stop loss at 2041, which is a swing high resistance level
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In case of a reversal from this level, the price could potentially drop to our take profit level at 1984, which aligns with a swing low support level. We have set our stop loss at 2041, which is a swing high resistance level
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
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