XAUUSD is approaching our Pivot point, potential for a drop.
Description
Price is approaching our Pivot point at 1833.67, which is in line with our 61.8% Fibonacci retracement, 127% fibonacci extension, descending trendline resistance and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 1801.23, which is in line with -27% fibonacci retracement, 88% and 61.8% fibonacci extension. Its noteworthy price is trending under the descending trendline and moving average, in line with our bearish view.
Pivot: 1833.67
Why we like it:
61.8% Fibonacci retracement, 127% fibonacci extension, descending trendline resistance and horizontal graphical overlap
1st Support: 1801.23
Why we like it:
-27% fibonacci retracement, 88% and 61.8% fibonacci extension
1st Resistance: 1857.61
Why we like it:
78.6%, 127% fibonacci retracement, 61.8% fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1833.67, which is in line with our 61.8% Fibonacci retracement, 127% fibonacci extension, descending trendline resistance and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 1801.23, which is in line with -27% fibonacci retracement, 88% and 61.8% fibonacci extension. Its noteworthy price is trending under the descending trendline and moving average, in line with our bearish view.
Pivot: 1833.67
Why we like it:
61.8% Fibonacci retracement, 127% fibonacci extension, descending trendline resistance and horizontal graphical overlap
1st Support: 1801.23
Why we like it:
-27% fibonacci retracement, 88% and 61.8% fibonacci extension
1st Resistance: 1857.61
Why we like it:
78.6%, 127% fibonacci retracement, 61.8% fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
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