#XAUUSD approaching pivot, potential for a reversal!
Price is approaching pivot level of 1766.89 where we have 38.2% Fibonacci retracement level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 1746.1, which is in line with 61.8% Fibonacci retracement level, 50.0% Fibonacci extension level & horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 1787, which coincides with 127.2% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal overlap resistance . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
1,766.89
Why we like it:
38.2% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1,746.100
Why we like it:
61.8% Fibonacci retracement level, 50.0% Fibonacci extension level & horizontal overlap support
1st Resistance:
1,787.000
Why we like it:
127.2% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
1,766.89
Why we like it:
38.2% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1,746.100
Why we like it:
61.8% Fibonacci retracement level, 50.0% Fibonacci extension level & horizontal overlap support
1st Resistance:
1,787.000
Why we like it:
127.2% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal overlap 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.