#XAUUSD is at pivot, potential for a pullback
Price is reacting below our pivot level at 1,816.07 which is in line with -27.2% Fibonacci retracement level and 61.8% Fibonacci extension level. Price could potentially drop towards support at 1,800 which is in-line with 23.6% Fibonacci retracement level, 78.6% Fibonacci extension level and trendlines support. Stochastic is also indicating negative divergence for potential pull-back.
Alternatively, price may swing towards our resistance at 1,838, which coincides with -61.8% Fibonacci retracement level and 78.6% Fibonacci extension level.
Pivot:
1,816.07
Why we like it:
-27.2% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Support:
1,800
23.6% Fibonacci retracement level, 78.6% Fibonacci extension level and trendlines support
1st Resistance:
1,838
-61.8% Fibonacci retracement level and 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk
Alternatively, price may swing towards our resistance at 1,838, which coincides with -61.8% Fibonacci retracement level and 78.6% Fibonacci extension level.
Pivot:
1,816.07
Why we like it:
-27.2% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Support:
1,800
23.6% Fibonacci retracement level, 78.6% Fibonacci extension level and trendlines support
1st Resistance:
1,838
-61.8% Fibonacci retracement level and 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk
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