XAUUSD approaching pivot, potential for drop
Price is approaching our pivot level at 1,756.31 which is in line with 50% Fibonacci retracement level and previous horizontal overlap resistance. Price could potentially pull-back towards support at 1,732.83, in line with 23.6% Fibonacci retracement level and 61.8% Fibonacci extension level
Alternatively, price may bounces to our resistance at 1,774.17, which coincides with 61.8% Fibonacci retracement level and 100% Fibonacci extension level.
Pivot:
1,756.31
Why we like it:
50% Fibonacci retracement level and horizontal overlap resistance
1st Support:
1,732.83
23.6% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Resistance:
1,774.17
61.8% Fibonacci retracement level, 100% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may bounces to our resistance at 1,774.17, which coincides with 61.8% Fibonacci retracement level and 100% Fibonacci extension level.
Pivot:
1,756.31
Why we like it:
50% Fibonacci retracement level and horizontal overlap resistance
1st Support:
1,732.83
23.6% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Resistance:
1,774.17
61.8% Fibonacci retracement level, 100% 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.