#XAUUSD approaching pivot, potential for a bounce!
Price is approaching pivot level of 1808.26, which is in line with 61.8% Fibonacci retracement level & horizontal overlap support. A reversal from this level may see price take resistance at price 1845.94. This level coincides with -27.2% Fibonacci retracement level, 100% Fibonacci extension level. Finally, we can expect price to take support at 1778.27127.2% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1,808.26
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap support
1st Support:
1,778.270
127.2% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1,845.940
-27.2% Fibonacci retracement level, 100% Fibonacci extension level
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