#XAUUSD, H4 approaching Pivot, potential for a bounce!
Price is approaching pivot level of 1821.72, which is in line with 23.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support. A reversal from this level may see price take resistance at price 1844.94. This level coincides with 61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance. Finally, we can expect price to take support at 1805.6561.8% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing low support . This is further supported by how price is holding below the EMA
Pivot:
1,821.72
Why we like it:
23.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support
1st Support:
1,805.650
61.8% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1,844.940
61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
1,821.72
Why we like it:
23.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support
1st Support:
1,805.650
61.8% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1,844.940
61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
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