#XAUUSD approaching pivot, potentail for a reversal!
Description
Price is approaching pivot level of 1797.2 where we have 100% Fibonacci extension level & horizontal overlap support lining up. A reversal from this level might see price take support at 1777.4, which is in line with 23.6% Fibonacci retracement levelhorizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 1805.97, which coincides with 127.2% Fibonacci extension levelhorizontal swing high resistance . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
1,797.20
Why we like it:
100% Fibonacci extension level & horizontal overlap support
1st Support:
1,777.400
Why we like it:
23.6% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1,805.970
Why we like it:
127.2% Fibonacci extension levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 1797.2 where we have 100% Fibonacci extension level & horizontal overlap support lining up. A reversal from this level might see price take support at 1777.4, which is in line with 23.6% Fibonacci retracement levelhorizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 1805.97, which coincides with 127.2% Fibonacci extension levelhorizontal swing high resistance . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
1,797.20
Why we like it:
100% Fibonacci extension level & horizontal overlap support
1st Support:
1,777.400
Why we like it:
23.6% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1,805.970
Why we like it:
127.2% Fibonacci extension levelhorizontal 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.