#XAUUSD approaching pivot, potential for a bounce!
Price is approaching pivot level of 1808.26, which is in line with 61.8% Fibonacci retracement level & horizontal overlap support. A reversal from this level may see price take resistance at price 1845.94. This level coincides with -27.2% Fibonacci retracement level, 100% Fibonacci extension level. Finally, we can expect price to take support at 1778.27127.2% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1,808.26
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap support
1st Support:
1,778.270
127.2% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1,845.940
-27.2% Fibonacci retracement level, 100% Fibonacci extension level
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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.