XAUUSD is at pivot, potential for further upside
Price has broken above our pivot level at 1782.68 which is in line with 61.8% Fibonacci retracement level & horizontal overlap support . We could potentially see a further rise from here towards 1808.79, which coincides with 100% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap resistance. Finally, we can expect price to take support at 1773.78, which coincides with 23.6% Fibonacci retracement levelhorizontal overlap support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1,782.68
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap support
1st Support:
1,773.780
Why we like it:
23.6% Fibonacci retracement level horizontal overlap support
1st Resistance:
1,808.790
Why we like it:
100% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
1,782.68
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap support
1st Support:
1,773.780
Why we like it:
23.6% Fibonacci retracement level horizontal overlap support
1st Resistance:
1,808.790
Why we like it:
100% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
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