XAUUSD approaching pivot, potential for drop
Price is approaching our pivot level at 1,756.31 which is in line with 50% Fibonacci retracement level and previous horizontal overlap resistance. Price could potentially pull-back towards support at 1,732.83, in line with 23.6% Fibonacci retracement level and 61.8% Fibonacci extension level
Alternatively, price may bounces to our resistance at 1,774.17, which coincides with 61.8% Fibonacci retracement level and 100% Fibonacci extension level.
Pivot:
1,756.31
Why we like it:
50% Fibonacci retracement level and horizontal overlap resistance
1st Support:
1,732.83
23.6% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Resistance:
1,774.17
61.8% Fibonacci retracement level, 100% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may bounces to our resistance at 1,774.17, which coincides with 61.8% Fibonacci retracement level and 100% Fibonacci extension level.
Pivot:
1,756.31
Why we like it:
50% Fibonacci retracement level and horizontal overlap resistance
1st Support:
1,732.83
23.6% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Resistance:
1,774.17
61.8% Fibonacci retracement level, 100% Fibonacci extension level
Trading FX & CFDs carries high risk.
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