#XAUUSD is consolidating above pivot, potential for upsidePrice is consolidating above our pivot level at 1,807.42 which is in line with 38.2% Fibonacci retracement level and 50MA. Price could potentially swing towards resistance at 1,838, which coincides with -61.8% Fibonacci retracement level, 78.6% Fibonacci extension level and trendline resistance. Stochastic is also coming into ascending trendline support for further upside.
Alternatively, price may drop to our support at 1,783.40, which is in-line with 38.2% Fibonacci retracement level, 100% Fibonacci extension level and ascending trendline support.
Pivot:
1,807.42
Why we like it:
38.2% Fibonacci retracement level and 50MA
1st Support:
1,783.40
38.2% Fibonacci retracement level, 100% Fibonacci extension level and ascending trendline support
1st Resistance:
1,838
-61.8% Fibonacci retracement level, 78.6% Fibonacci extension level and trendline resistance
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