#XAUUSD approaching pivot, potential for a drop!
Price is reacting below our pivot level at 18621.78 which is in line with 38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance. Price can potentially take support at 1810.88, which is in line with 50.0% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support. Alternatively, price may rise up to our resistance at 1869.9, which coincides with horizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
18,621.78000
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance
1st Support:
1,810.88000
50.0% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support
1st Resistance:
1,869.90000
horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
18,621.78000
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance
1st Support:
1,810.88000
50.0% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support
1st Resistance:
1,869.90000
horizontal overlap resistance
Trading FX & CFDs carries high risk.
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