XAUUSD is approaching our Pivot point, potential for a drop.
Description
Price is approaching our Pivot point at 1853.40 which is in line with our 78.6% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 1817.90, which is in line with 50% fibonacci retracement, 38.2%, 61.8% fibonacci extension and horizontal graphical area. Its noteworthy that Stochastics is showing bearish pressure where price has previously reversed from the 93% level.
Pivot: 1853.40
Why we like it:
78.6% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Support: 1817.90
Why we like it:
50% fibonacci retracement, 38.2%, 61.8% fibonacci extension and horizontal graphical area
1st Resistance: 1868.47
Why we like it:
-27% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap
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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.