#XAUUSD broke down from ascending trendline, potential for drop
Price broke ascending trendline at our pivot level at 1,788.18 which is in line with 23.6% Fibonacci retracement level and 78.6% Fibonacci extension level. Price could potentially drop towards support at 1,764.03 which is in-line with 50% Fibonacci retracement level and 200% Fibonacci extension level. MACD is also indicating bearish momentum for further downside.
Alternatively, price may swing towards our resistance at 1,803.37, which coincides with 78.6% Fibonacci retracement level and 61.8% Fibonacci extension level.
Pivot:
1,788.18
Why we like it:
23.6% Fibonacci retracement level and 78.6% Fibonacci extension level
1st Support:
1,764.03
50% Fibonacci retracement level and 200% Fibonacci extension level
1st Resistance:
1,803.37
78.6% Fibonacci retracement level and 61.8% Fibonacci extension level
Trading FX & CFDs carries high risk
Alternatively, price may swing towards our resistance at 1,803.37, which coincides with 78.6% Fibonacci retracement level and 61.8% Fibonacci extension level.
Pivot:
1,788.18
Why we like it:
23.6% Fibonacci retracement level and 78.6% Fibonacci extension level
1st Support:
1,764.03
50% Fibonacci retracement level and 200% Fibonacci extension level
1st Resistance:
1,803.37
78.6% Fibonacci retracement level and 61.8% 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.