#XAUUSD approaching pivot, potentail for a reversal!
Price is approaching pivot level of 1799.35 where we have 61.8% Fibonacci extension level, 23.6% Fibonacci retracement level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 1772.59, which is in line with 38.2% Fibonacci retracement level, 50.0% Fibonacci extension level & horizontal overlap resistance. Finally, price is unlikely to surpass our strong resistance at 1810.03, which coincides with & horizontal swing high resistance . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1,799.35
Why we like it:
61.8% Fibonacci extension level, 23.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1,772.590
Why we like it:
38.2% Fibonacci retracement level, 50.0% Fibonacci extension level & horizontal overlap resistance
1st Resistance:
1,810.030
Why we like it:
& horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1,799.35
Why we like it:
61.8% Fibonacci extension level, 23.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1,772.590
Why we like it:
38.2% Fibonacci retracement level, 50.0% Fibonacci extension level & horizontal overlap resistance
1st Resistance:
1,810.030
Why we like it:
& horizontal swing high resistance
Trading FX & CFDs carries high risk.
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