XAUUSD is bouncing from our Pivot, potential for a rise.

Description
Price is bouncing from our Pivot point at 1730.79 which is in line with our 78.6% Fibonacci retracement, 38.2% and 50% fibonacci extension. We could potentially see a rise from our Pivot point towards our 1st Resistance level at 1751.65, which is in line with -61.8% fibonacci retracement, 78.6% fibonacci extension and descending trendline resistance.

Pivot: 1730.79
Why we like it:
78.6% Fibonacci retracement, 38.2% and 50% fibonacci extension

1st Support: 1716.80
Why we like it:
161.8% fibonacci retracement and 88% fibonacci extension

1st Resistance: 1751.65
Why we like it:
-61.8% fibonacci retracement, 78.6% fibonacci extension and descending trendline resistance.

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