#XAUUSD, H4 approaching pivot, potential for bearish breakout
Description
Price is approaching pivot point at 1734.13 which is in line with 161.8% Fibonacci retracement level & horizontal swing low support. A break and close below this level could see a price swing towards 1st support at 1677.97.This level is in line with 161.8% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1797.11, which coincides with 38.2% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is now holding below the natureal MA of 34 and below the 0 line of MACD..
Pivot:
1,734.13
Why we like it:
161.8% Fibonacci retracement level & horizontal swing low support
1st Support:
1,677.97
161.8% Fibonacci retracement level & horizontal swing low support
1st Resistance:
1,797.11
38.2% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot point at 1734.13 which is in line with 161.8% Fibonacci retracement level & horizontal swing low support. A break and close below this level could see a price swing towards 1st support at 1677.97.This level is in line with 161.8% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1797.11, which coincides with 38.2% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is now holding below the natureal MA of 34 and below the 0 line of MACD..
Pivot:
1,734.13
Why we like it:
161.8% Fibonacci retracement level & horizontal swing low support
1st Support:
1,677.97
161.8% Fibonacci retracement level & horizontal swing low support
1st Resistance:
1,797.11
38.2% Fibonacci retracement 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.