XAUUSD is approaching our Pivot point, potential for a drop.
Description
Price is approaching our Pivot point at 1853.40 which is in line with our 78.6% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 1817.90, which is in line with 50% fibonacci retracement, 38.2%, 61.8% fibonacci extension and horizontal graphical area. Its noteworthy that Stochastics is showing bearish pressure where price has previously reversed from the 93% level.
Pivot: 1853.40
Why we like it:
78.6% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Support: 1817.90
Why we like it:
50% fibonacci retracement, 38.2%, 61.8% fibonacci extension and horizontal graphical area
1st Resistance: 1868.47
Why we like it:
-27% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap
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