#XAUUSD approaching pivot, potentail for a reversal!
Price is approaching pivot level of 1789.97 where we have 61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 1750.61, which is in line with 61.8% Fibonacci retracement levelhorizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 1808.79, which coincides with 78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1,789.97
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance
1st Support:
1,750.610
Why we like it:
61.8% Fibonacci retracement level horizontal overlap support
1st Resistance:
1,808.790
Why we like it:
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
Pivot:
1,789.97
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance
1st Support:
1,750.610
Why we like it:
61.8% Fibonacci retracement level horizontal overlap support
1st Resistance:
1,808.790
Why we like it:
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
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