XAUUSD is approaching our Pivot point, potential for a drop.
Description
Price is approaching our Pivot point at 1699.91 which is in line with our 61.8% Fibonacci retracement, 78.6% fibonacci extension and descending trendline resistance. We could potentially see price drop from our Pivot point towards our 1st support level at 1668.65, which is in line with a fibonacci confluence. Its noteworthy price is trending under the Ichimoku cloud and descending trendline, in line with our bearish analysis.
Pivot: 1699.91
Why we like it:
61.8% Fibonacci retracement, 78.6% fibonacci extension and descending trendline resistance
1st Support: 1668.65
Why we like it:
-27% fibonacci retracement and 127% fibonacci extension
1st Resistance: 1724.04
Why we like it:
127% fibonacci retracement and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1699.91 which is in line with our 61.8% Fibonacci retracement, 78.6% fibonacci extension and descending trendline resistance. We could potentially see price drop from our Pivot point towards our 1st support level at 1668.65, which is in line with a fibonacci confluence. Its noteworthy price is trending under the Ichimoku cloud and descending trendline, in line with our bearish analysis.
Pivot: 1699.91
Why we like it:
61.8% Fibonacci retracement, 78.6% fibonacci extension and descending trendline resistance
1st Support: 1668.65
Why we like it:
-27% fibonacci retracement and 127% fibonacci extension
1st Resistance: 1724.04
Why we like it:
127% fibonacci retracement and 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.