XAUUSD approaching our Pivot point, potential for a drop.
Description
Price is approaching our Pivot point at 1875.35 which is in line with our 100% Fibonacci extension and horizontal graphical resistance. We could potentially see price drop from our Pivot point towards our 1st support level at 1822.95, which is in line with 50% Fibonacci extension and horizontal graphical support. It is worth noting that Stochastic (21,5,3) is showing bearish momentum at 96% where price has previously reversed from.
Pivot: 1875.35
Why we like it:
100% Fibonacci extension and horizontal graphical resistance
1st Support: 1822.95
Why we like it:
50% Fibonacci extension and horizontal graphical support
1st Resistance: 1904.99
Why we like it:
78.6% Fibonacci extension, -27% and 161.8% fibonacci retracement.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1875.35 which is in line with our 100% Fibonacci extension and horizontal graphical resistance. We could potentially see price drop from our Pivot point towards our 1st support level at 1822.95, which is in line with 50% Fibonacci extension and horizontal graphical support. It is worth noting that Stochastic (21,5,3) is showing bearish momentum at 96% where price has previously reversed from.
Pivot: 1875.35
Why we like it:
100% Fibonacci extension and horizontal graphical resistance
1st Support: 1822.95
Why we like it:
50% Fibonacci extension and horizontal graphical support
1st Resistance: 1904.99
Why we like it:
78.6% Fibonacci extension, -27% and 161.8% fibonacci retracement.
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.