#XAUUSD is approaching pivot, potential for bounce!Price is approaching pivot level at 1,786.50 which is in line with 38.2% Fibonacci retracement level, 161.8% Fibonacci extension level and horizontal overlap support. The price could potentially swing towards resistance at 1,832.20 which coincides with 100% Fibonacci retracement level, 61.8% Fibonacci extension level and horizontal overlap resistance. Stochastic is also at horizontal support where previous bounces occurred.
Alternatively, price may drop to our support at 1764.00 , which is in-line with 61.8% Fibonacci retracement level and 200% Fibonacci extension level.
Pivot:
1,786.50
Why we like it:
38.2% Fibonacci retracement level, 161.8% Fibonacci extension level and horizontal overlap support
1st Support:
1764.00
61.8% Fibonacci retracement level and 200% Fibonacci extension level
1st Resistance:
1,832.20
100% Fibonacci retracement level, 61.8% Fibonacci extension level and horizontal overlap resistance
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