#XAUUSD approaching pivot, potentail for a reversal!
Description
Price is approaching pivot level of 1797.2 where we have 100% Fibonacci extension level & horizontal overlap support lining up. A reversal from this level might see price take support at 1777.4, which is in line with 23.6% Fibonacci retracement levelhorizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 1805.97, which coincides with 127.2% Fibonacci extension levelhorizontal swing high resistance . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
1,797.20
Why we like it:
100% Fibonacci extension level & horizontal overlap support
1st Support:
1,777.400
Why we like it:
23.6% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1,805.970
Why we like it:
127.2% Fibonacci extension levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 1797.2 where we have 100% Fibonacci extension level & horizontal overlap support lining up. A reversal from this level might see price take support at 1777.4, which is in line with 23.6% Fibonacci retracement levelhorizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 1805.97, which coincides with 127.2% Fibonacci extension levelhorizontal swing high resistance . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
1,797.20
Why we like it:
100% Fibonacci extension level & horizontal overlap support
1st Support:
1,777.400
Why we like it:
23.6% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1,805.970
Why we like it:
127.2% Fibonacci extension levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.
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