#XAUUSD approaching pivot, potential for a drop!
Price is reacting below our pivot level at 1795.12 which is in line with 61.8% Fibonacci retracement level & horizontal swing high resistance. Price can potentially take support at 1773.75, which is in line with 78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 1803.98, which coincides with 61.8% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1,795.12000
Why we like it:
61.8% Fibonacci retracement level & horizontal swing high resistance
1st Support:
1,773.75000
Why we like it:
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1,803.98
Why we like it:
61.8% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1,795.12000
Why we like it:
61.8% Fibonacci retracement level & horizontal swing high resistance
1st Support:
1,773.75000
Why we like it:
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1,803.98
Why we like it:
61.8% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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