#XAUUSD, H4 approaching pivot, potential for a bearish reversal
Description
Price is reacting below key pivot level of 1795.01 where we have 127.2% Fibonacci retracement level & horizontal swing high resistance lining up. A drop below this level might see price take support at 1734.01, which is in line with 161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1855.35, which coincides with 61.8% Fibonacci retracement level & horizontal pullback resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1,795.01
Why we like it:
127.2% Fibonacci retracement level horizontal swing high resistance
1st Support:
1,734.01
161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing low support
1st Resistance:
1,855.35
61.8% Fibonacci retracement level & horizontal pullback resistance
Trading FX & CFDs carries high risk.
Price is reacting below key pivot level of 1795.01 where we have 127.2% Fibonacci retracement level & horizontal swing high resistance lining up. A drop below this level might see price take support at 1734.01, which is in line with 161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1855.35, which coincides with 61.8% Fibonacci retracement level & horizontal pullback resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1,795.01
Why we like it:
127.2% Fibonacci retracement level horizontal swing high resistance
1st Support:
1,734.01
161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing low support
1st Resistance:
1,855.35
61.8% Fibonacci retracement level & horizontal pullback resistance
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.