Title
XAUUSD H4 | Bearish Channel Line

Type
Bullish Bounce

Preference:

price is currently ranging within a bearish channel, indicating a bearish momentum. It is currently falling towards our pivot level of 1940.152, which aligns with the 61.8% Fibonacci retracement, serving as a pullback support level. If there is a bounce off from this level, the price could rally towards 1st resistance at 1959.785.

Alternative scenario:

Furthermore, if it breaks below the pivot, it could fall to 1st support at 1924.175

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