XAUUSD, H4 is approaching our Pivot, potential for a drop.
Description
Price is approaching our Pivot point at 1741.17 which is in line with 50% fibonacci retracement and horizontal graphical overlap. We could potentially see a drop from our Pivot point towards our 1st support level at 1729.47 which is in line with 78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support. It's noteworthy that price is trending under the broken ascending trendline, in line with our bearish analysis.
Pivot: 1741.17
Why we like it:
50% fibonacci retracement and horizontal graphical overlap
1st Support: 1729.47
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support
1st Resistance: 1751.33
Why we like it:
78.6% fibonacci retracement and horizontal graphical overlap
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1741.17 which is in line with 50% fibonacci retracement and horizontal graphical overlap. We could potentially see a drop from our Pivot point towards our 1st support level at 1729.47 which is in line with 78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support. It's noteworthy that price is trending under the broken ascending trendline, in line with our bearish analysis.
Pivot: 1741.17
Why we like it:
50% fibonacci retracement and horizontal graphical overlap
1st Support: 1729.47
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support
1st Resistance: 1751.33
Why we like it:
78.6% fibonacci retracement and horizontal graphical overlap
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.