#XAUUSD approaching pivot, potential for rise!
Price has broken above our pivot level at 1807.92 which is in line with 61.8% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance . We could potentially see a further rise from here towards 1832.27, which coincides with 78.6% Fibonacci extension level & horizontal swing high resistance. Finally, we can expect price to take support at 1778.57, which coincides with 38.2% Fibonacci retracement level . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1,807.92
Why we like it:
61.8% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1,778.570
Why we like it:
38.2% Fibonacci retracement level
1st Resistance:
1,832.270
Why we like it:
78.6% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1,807.92
Why we like it:
61.8% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1,778.570
Why we like it:
38.2% Fibonacci retracement level
1st Resistance:
1,832.270
Why we like it:
78.6% Fibonacci extension level & horizontal swing high 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.