#XAUUSD approaching pivot, potential for a bounce!
Description
Price is approaching pivot level of 1808.11, which is in line with 61.8% Fibonacci retracement level, 88.6% Fibonacci extension level & horizontal overlap support. A reversal from this level may see price take resistance at price 1822.07. This level coincides with 61.8% Fibonacci retracement level. Finally, we can expect price to take support at 1799.1978.6% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing low support . This is further supported by how price is now holding above the EMA .
Pivot:
1,808.11
Why we like it:
61.8% Fibonacci retracement level, 88.6% Fibonacci extension level & horizontal overlap support
1st Support:
1,799.190
78.6% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing low support
1st Resistance:
1,822.070
61.8% Fibonacci retracement level
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