XAUUSD reversed from our Pivot, potential for a drop.
Description
Price has reversed from our Pivot point at 1739.21 which is in line with our 78.6% Fibonacci retracement, 100% fibonacci extension, horizontal swing high resistance and descending trendline. We could potentially see a drop from our Pivot point towards our 1st support level at 1719.93 which is in line with -27% fibonacci retracement, 78.6%, 100% fibonacci extension and horizontal swing low support. It's noteworthy that price is trending under the ascending trendline support turned-resistance and descending trendline, in line with our bearish analysis.
Pivot: 1739.21
Why we like it:
78.6% Fibonacci retracement, 100% fibonacci extension, horizontal swing high resistance and descending trendline
1st Support: 1719.93
Why we like it:
-27% fibonacci retracement, 78.6%, 100% fibonacci extension and horizontal swing low support
1st Resistance: 1755.30
Why we like it:
-27%, 161.8% fibonacci retracement, 200% fibonacci extension and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point at 1739.21 which is in line with our 78.6% Fibonacci retracement, 100% fibonacci extension, horizontal swing high resistance and descending trendline. We could potentially see a drop from our Pivot point towards our 1st support level at 1719.93 which is in line with -27% fibonacci retracement, 78.6%, 100% fibonacci extension and horizontal swing low support. It's noteworthy that price is trending under the ascending trendline support turned-resistance and descending trendline, in line with our bearish analysis.
Pivot: 1739.21
Why we like it:
78.6% Fibonacci retracement, 100% fibonacci extension, horizontal swing high resistance and descending trendline
1st Support: 1719.93
Why we like it:
-27% fibonacci retracement, 78.6%, 100% fibonacci extension and horizontal swing low support
1st Resistance: 1755.30
Why we like it:
-27%, 161.8% fibonacci retracement, 200% fibonacci extension and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.