#XAUUSD approaching pivot, potential for a drop!
Price is reacting below our pivot level at 1747 which is in line with 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal pullback support. Price can potentially take support at 1721.69, which is in line with 78.6% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 1822.07, which coincides with 50.0% Fibonacci extension level horizontal overlap support . This is further supported by price holding below MA.
Pivot:
1,747.00
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal pullback support
1st Support:
1,721.690
Why we like it:
78.6% Fibonacci extension level & horizontal swing low support
1st Resistance:
1,822.070
Why we like it:
50.0% Fibonacci extension level horizontal overlap support
Trading FX & CFDs carries high risk.
Pivot:
1,747.00
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal pullback support
1st Support:
1,721.690
Why we like it:
78.6% Fibonacci extension level & horizontal swing low support
1st Resistance:
1,822.070
Why we like it:
50.0% Fibonacci extension level horizontal overlap support
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.