#XAUUSD approaching pivot, potentail for a reversal!
Price is approaching pivot level of 1777.79 where we have 127.2% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap support lining up. A reversal from this level might see price take support at 1742.02, which is in line with 38.2% Fibonacci retracement level, 50.0% Fibonacci extension level & horizontal pullback support. Finally, price is unlikely to surpass our strong resistance at 1787, which coincides with 61.8% Fibonacci retracement level horizontal overlap support & 161.8% Fibonacci extension level . This is further supported by price holding below MA.
Pivot:
1,777.79
Why we like it:
127.2% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap support
1st Support:
1,742.020
Why we like it:
38.2% Fibonacci retracement level, 50.0% Fibonacci extension level & horizontal pullback support
1st Resistance:
1,787.000
Why we like it:
61.8% Fibonacci retracement level horizontal overlap support & 161.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
Pivot:
1,777.79
Why we like it:
127.2% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap support
1st Support:
1,742.020
Why we like it:
38.2% Fibonacci retracement level, 50.0% Fibonacci extension level & horizontal pullback support
1st Resistance:
1,787.000
Why we like it:
61.8% Fibonacci retracement level horizontal overlap support & 161.8% Fibonacci extension level
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.