Title
XAUUSD H4 |  A reverse in a short term

Type
Bullish Bounce

Preference:
The price is currently at our pivot point of 1990.325, which aligns with the 50% Fibonacci retracement level. If the price were to break below the pivot point, it could potentially drop down towards the 1st support level at 1976.571, which is a swing low support level.

Alternative scenario:
However, if price  were to reverse from this level. it could potentially push up to 1st resistance at 1998.519 which lines up with 23.6% Fibonacci retracement.

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