#XAUUSD approaching pivot, potential for a reversal!
Price is approaching pivot level of 1766.89 where we have 38.2% Fibonacci retracement level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 1746.1, which is in line with 61.8% Fibonacci retracement level, 50.0% Fibonacci extension level & horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 1787, which coincides with 127.2% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal overlap resistance . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
1,766.89
Why we like it:
38.2% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1,746.100
Why we like it:
61.8% Fibonacci retracement level, 50.0% Fibonacci extension level & horizontal overlap support
1st Resistance:
1,787.000
Why we like it:
127.2% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
1,766.89
Why we like it:
38.2% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1,746.100
Why we like it:
61.8% Fibonacci retracement level, 50.0% Fibonacci extension level & horizontal overlap support
1st Resistance:
1,787.000
Why we like it:
127.2% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
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