#XAUUSD above pivot, potential for bounce!
Description
Price is reacting above our pivot level at 1,725.21 which is in line with 38.2% Fibonacci retracement level. Price could potentially swing towards resistance at 1,756.13, which is in line with 50% Fibonacci retracement level, 100% Fibonacci extension level, 20EMA & horizontal overlap resistance.
Alternatively, price may drop to our support at 1,708.53, which coincides with 61.8% Fibonacci retracement level.
Pivot:
1,725.21
Why we like it:
38.2% Fibonacci retracement level
1st Support:
1,708.53
61.8% Fibonacci retracement level
1st Resistance:
1,756.13
50% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance.
Trading FX & CFDs carries high risk.
Price is reacting above our pivot level at 1,725.21 which is in line with 38.2% Fibonacci retracement level. Price could potentially swing towards resistance at 1,756.13, which is in line with 50% Fibonacci retracement level, 100% Fibonacci extension level, 20EMA & horizontal overlap resistance.
Alternatively, price may drop to our support at 1,708.53, which coincides with 61.8% Fibonacci retracement level.
Pivot:
1,725.21
Why we like it:
38.2% Fibonacci retracement level
1st Support:
1,708.53
61.8% Fibonacci retracement level
1st Resistance:
1,756.13
50% Fibonacci retracement level, 100% Fibonacci extension level & 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.