#XAUUSD approaching pivot, potential for rise!
Description
Price has broken above our pivot level at 1783.03 which is in line with 61.8% Fibonacci retracement level & horizontal overlap resistance . We could potentially see a further rise from here towards 1856.08, which coincides with -27.2%Fibonacci retracement level, 61.8% Fibonacci retracement level & horizontal overlap resistance. Finally, we can expect price to take support at 1729.41, which coincides with 78.6% Fibonacci retracement level & horizontal swing low support . This is further supported by how price is now holding above the EMA .
Pivot:
1,783.030
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1,729.410
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
1,856.080
-27.2%Fibonacci retracement level, 61.8% Fibonacci retracement level & horizontal overlap resistance
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