XAGUSD H4 | Potential bearish drop
Title
XAGUSD H4 | Potential bearish drop
Type
Bearish reversal
Preference
The price could make a short-term pullback towards the pivot at 72.34, a pullback resistance. A reversal from this level could lead the price toward the 1st support level at 61.37, a pullback support.
Alternative Scenario
If the price breaks above the pivot, it could rise to the 1st resistance at 77.78, an overlap resistance.
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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.