#XAUUSD approaching pivot, potential for rise!
Price has broken above our pivot level at 1787.78 which is in line with 78.6% Fibonacci retracement level & horizontal swing low support . We could potentially see a further rise from here towards 1810.58, which coincides with 61.8% Fibonacci extension level, 23.6% Fibonacci retracement level & horizontal overlap resistance. Finally, we can expect price to take support at 1772.29, which coincides with & horizontal overlap support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1,787.78
Why we like it:
78.6% Fibonacci retracement level & horizontal swing low support
1st Support:
1,772.290
& horizontal overlap support
1st Resistance:
1,810.580
61.8% Fibonacci extension level, 23.6% Fibonacci retracement level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
1,787.78
Why we like it:
78.6% Fibonacci retracement level & horizontal swing low support
1st Support:
1,772.290
& horizontal overlap support
1st Resistance:
1,810.580
61.8% Fibonacci extension level, 23.6% Fibonacci retracement level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
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