#XAUUSD approaching pivot, potential for rise!
Price has broken above our pivot level at 1807.92 which is in line with 61.8% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance . We could potentially see a further rise from here towards 1832.27, which coincides with 78.6% Fibonacci extension level & horizontal swing high resistance. Finally, we can expect price to take support at 1778.57, which coincides with 38.2% Fibonacci retracement level . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1,807.92
Why we like it:
61.8% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1,778.570
Why we like it:
38.2% Fibonacci retracement level
1st Resistance:
1,832.270
Why we like it:
78.6% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1,807.92
Why we like it:
61.8% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1,778.570
Why we like it:
38.2% Fibonacci retracement level
1st Resistance:
1,832.270
Why we like it:
78.6% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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