XAUUSD approaching our Pivot, potential for a bearish breakout
Description
Price is approaching our Pivot point at 1773.86 which is in line with 61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap. We could potentially see a bearish breakout from our Pivot point towards our 1st support level at 1755.02 which is in line with -27% fibonacci retracement and 100%, 161.8% fibonacci extension. Do note that stochastics is showing bearish pressure where price has previously reversed off the 88% level.
Pivot: 1773.86
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap
1st Support: 1755.02
Why we like it:
-27% fibonacci retracement and 100%, 161.8% fibonacci extension
1st Resistance: 1789.99
Why we like it:
78.6% fibonacci retracement and horizontal swing high,
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1773.86 which is in line with 61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap. We could potentially see a bearish breakout from our Pivot point towards our 1st support level at 1755.02 which is in line with -27% fibonacci retracement and 100%, 161.8% fibonacci extension. Do note that stochastics is showing bearish pressure where price has previously reversed off the 88% level.
Pivot: 1773.86
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap
1st Support: 1755.02
Why we like it:
-27% fibonacci retracement and 100%, 161.8% fibonacci extension
1st Resistance: 1789.99
Why we like it:
78.6% fibonacci retracement and horizontal swing high,
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.