#XAUUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1811.15. which is in line with 50.0% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing high resistance. Price can potentially take support at 1789.28, which is in line with 127.2% Fibonacci retracement level, 61.8% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1819.43, which coincides with 78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is holding below the EMA
Pivot:
1811.15.
Why we like it:
50.0% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing high resistance
1st Support:
1,789.280
127.2% Fibonacci retracement level, 61.8% Fibonacci extension level
1st Resistance:
1,819.430
78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance
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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.