#XAUUSD approaching pivot, potential for a drop!
Price is reacting below our pivot level at 1747 which is in line with 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal pullback support. Price can potentially take support at 1721.69, which is in line with 78.6% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 1822.07, which coincides with 50.0% Fibonacci extension level horizontal overlap support . This is further supported by price holding below MA.
Pivot:
1,747.00
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal pullback support
1st Support:
1,721.690
Why we like it:
78.6% Fibonacci extension level & horizontal swing low support
1st Resistance:
1,822.070
Why we like it:
50.0% Fibonacci extension level horizontal overlap support
Trading FX & CFDs carries high risk.
Pivot:
1,747.00
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal pullback support
1st Support:
1,721.690
Why we like it:
78.6% Fibonacci extension level & horizontal swing low support
1st Resistance:
1,822.070
Why we like it:
50.0% Fibonacci extension level horizontal overlap support
Trading FX & CFDs carries high risk.
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