#XAUUSD approaching pivot, potential for a reversal!
Price is approaching pivot level of 1843.88 where we have 78.6% Fibonacci extension level, 23.6% Fibonacci retracement level & horizontal swing high resistance lining up. A reversal from this level might see price take support at 1814.17, which is in line with 50.0% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 1867,91, which coincides with & horizontal swing high resistance . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
1,843.88
Why we like it:
78.6% Fibonacci extension level, 23.6% Fibonacci retracement level & horizontal swing high resistance
1st Support:
1,814.170
50.0% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support
1st Resistance:
1867,91
& horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1,843.88
Why we like it:
78.6% Fibonacci extension level, 23.6% Fibonacci retracement level & horizontal swing high resistance
1st Support:
1,814.170
50.0% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support
1st Resistance:
1867,91
& horizontal swing high resistance
Trading FX & CFDs carries high risk.
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