#XAUUSD approaching pivot, potential for a drop!
Price is reacting below our pivot level at 18621.78 which is in line with 38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance. Price can potentially take support at 1810.88, which is in line with 50.0% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support. Alternatively, price may rise up to our resistance at 1869.9, which coincides with horizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
18,621.78000
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance
1st Support:
1,810.88000
50.0% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support
1st Resistance:
1,869.90000
horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
18,621.78000
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance
1st Support:
1,810.88000
50.0% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support
1st Resistance:
1,869.90000
horizontal overlap 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.