#XAUUSD, H4 is approaching our Pivot, potential for a drop.
Description
Price is approaching our Pivot point at 1817.38 which is in line with 61.8%, 78.6% fibonacci retracement, 78.6%,100% fibonacci extension and horizontal graphical overlap. We could potentially see a drop from our Pivot point towards our 1st support level at 1769.83, which is in line with 161.8% fibonacci extension and horizontal swing low. It's worth noting that price is under the Ichimoku cloud, and MACD is under the 0-line, in line with our bearish analysis.
Pivot: 1817.38
Why we like it:
61.8%, 78.6% fibonacci retracement, 78.6%,100% fibonacci extension and horizontal graphical overlap
1st Support: 1769.83
Why we like it:
161.8% fibonacci extension and horizontal swing low
1st Resistance: 1849.76
Why we like it:
61.8% fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1817.38 which is in line with 61.8%, 78.6% fibonacci retracement, 78.6%,100% fibonacci extension and horizontal graphical overlap. We could potentially see a drop from our Pivot point towards our 1st support level at 1769.83, which is in line with 161.8% fibonacci extension and horizontal swing low. It's worth noting that price is under the Ichimoku cloud, and MACD is under the 0-line, in line with our bearish analysis.
Pivot: 1817.38
Why we like it:
61.8%, 78.6% fibonacci retracement, 78.6%,100% fibonacci extension and horizontal graphical overlap
1st Support: 1769.83
Why we like it:
161.8% fibonacci extension and horizontal swing low
1st Resistance: 1849.76
Why we like it:
61.8% fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap
Trading FX & CFDs carries high risk.
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