#XAUUSD, H4 is approaching our Pivot, potential for a drop.
Description
Price is testing our Pivot point at 1876.61, which is in line with 38.2% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap. We could potentially see a drop from our Pivot point towards our 1st support level at 1845.44, which is in line with 161.8% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap. It's worth noting that price is under the Ichimoku cloud, in line with our bearish analysis.
Pivot: 1876.61
Why we like it:
38.2% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 1845.44
Why we like it:
161.8% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Resistance: 1890.74
Why we like it:
61.8% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
Price is testing our Pivot point at 1876.61, which is in line with 38.2% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap. We could potentially see a drop from our Pivot point towards our 1st support level at 1845.44, which is in line with 161.8% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap. It's worth noting that price is under the Ichimoku cloud, in line with our bearish analysis.
Pivot: 1876.61
Why we like it:
38.2% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 1845.44
Why we like it:
161.8% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Resistance: 1890.74
Why we like it:
61.8% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
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