Title
XAGUSD H4 | Bullish momentum to extend
Type
Bullish bounce
Preference:
The price could fall towards the pivot at 54.40, which is a pullback support. A bounce from this level could lead the price toward the 1st resistance level at 63, a resistance level that lines up with the 61.8% Fibonacci projection.
Alternative Scenario:
If the price breaks belolw the pivot, it could fall to the 1st support at 52.31, which is 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.