#XAUUSD approaching pivot, potential for rise!
Price has broken above our pivot level at 1792.32 which is in line with 23.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance . We could potentially see a further rise from here towards 1813.56, which coincides with 127.2% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap resistance. Finally, we can expect price to take support at 1770.16, which coincides with 61.8% Fibonacci extension level & horizontal swing low support . This is further supported by how price is likely to bounce off the RSI support level .
Pivot:
1,792.32
Why we like it:
23.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
1st Support:
1,770.160
Why we like it:
61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1,813.560
Why we like it:
127.2% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
1,792.32
Why we like it:
23.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
1st Support:
1,770.160
Why we like it:
61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1,813.560
Why we like it:
127.2% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
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