#XAUUSD possible short-term bounce before further downside
Price may have a short-term bounce to pivot level at 1,774.50, in-line with 38.2% Fibonacci retracement level, 78.6% Fibonacci extension level and horizontal overlap resistance. The price could potentially drop towards support at 1,720.30, in-line with 100% Fibonacci retracement level, 161.8% Fibonacci extension level and swing low support. RSI still indicating a possible bullish momentum before facing bearish pressure.
Alternatively, price may break above pivot to resistance at 1786.15 , in-line with 50% Fibonacci retracement level and 100% Fibonacci extension level.
Pivot:
1,774.50
Why we like it:
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level and horizontal overlap resistance
1st Support:
1,720.30
100% Fibonacci retracement level, 161.8% Fibonacci extension level and swing low support
1st Resistance:
1786.15
50% Fibonacci retracement level and 100% Fibonacci extension level
Trading FX & CFDs carries high risk
Alternatively, price may break above pivot to resistance at 1786.15 , in-line with 50% Fibonacci retracement level and 100% Fibonacci extension level.
Pivot:
1,774.50
Why we like it:
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level and horizontal overlap resistance
1st Support:
1,720.30
100% Fibonacci retracement level, 161.8% Fibonacci extension level and swing low support
1st Resistance:
1786.15
50% Fibonacci retracement level and 100% Fibonacci extension level
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.