XAUUSD reversed from our Pivot, potential for a drop.
Description
Price has reversed from our Pivot point at 1733.7 which is in line with our 50% Fibonacci retracement, horizontal swing high resistance and descending trendline. We could potentially see a drop from our Pivot point towards our 1st support level at 1724.03 which is in line with 88% fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support. It's noteworthy that price is trending under the descending trendline, in line with our bearish analysis.
Pivot: 1733.7
Why we like it:
50% Fibonacci retracement, horizontal swing high resistance and descending trendline
1st Support: 1724.03
Why we like it:
88% fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support
1st Resistance: 1740.8
Why we like it:
-27% fibonacci retracement, 88% fibonacci extension and horizontal swing high resistance
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.