XAUUSD bounced from our Pivot, potential for a rise.
Description
Price has bounced from our Pivot point at 1732.58 which is in line with our 61.8% Fibonacci retracement, 61.8% fibonacci extension, horizontal graphical support and ascending trendline support. We could potentially see a rise from our Pivot point towards our 1st Resistance level at 1755.30 which is in line with -27% fibonacci retracement, 100% fibonacci extension and horizontal swing high resistance. Its noteworthy that price is trending above the ascending trendline, in line with our bullish analysis.
Pivot: 1732.58
Why we like it:
61.8% Fibonacci retracement, 61.8% fibonacci extension, horizontal graphical support and ascending trendline support
1st Support: 1719.37
Why we like it:
161.8% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support.
1st Resistance: 1755.30
Why we like it:
-27% fibonacci retracement, 100% fibonacci extension and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price has bounced from our Pivot point at 1732.58 which is in line with our 61.8% Fibonacci retracement, 61.8% fibonacci extension, horizontal graphical support and ascending trendline support. We could potentially see a rise from our Pivot point towards our 1st Resistance level at 1755.30 which is in line with -27% fibonacci retracement, 100% fibonacci extension and horizontal swing high resistance. Its noteworthy that price is trending above the ascending trendline, in line with our bullish analysis.
Pivot: 1732.58
Why we like it:
61.8% Fibonacci retracement, 61.8% fibonacci extension, horizontal graphical support and ascending trendline support
1st Support: 1719.37
Why we like it:
161.8% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support.
1st Resistance: 1755.30
Why we like it:
-27% fibonacci retracement, 100% fibonacci extension and horizontal swing high resistance
Trading FX & CFDs carries high risk.
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