XAUUSD is testing our Pivot point, potential for a drop.
Description Price is testing our Pivot point at 1692.79, which is in line with our 78.6%, -27%, 161.8% Fibonacci retracement, and 100% fibonacci extension. We could potentially see price drop from our Pivot point towards our 1st support level at 1661.10, which is in line with a fibonacci confluence. Its noteworthy price is trending under the Ichimoku cloud and descending trendline, in line with our bearish analysis.
Pivot: 1692.79 Why we like it: 78.6%, -27%, 161.8% Fibonacci retracement, and 100% fibonacci extension
1st Support: 1661.10 Why we like it: -61.8% fibonacci retracement and 161.8% fibonacci extension
1st Resistance: 1725.88 Why we like it: 61.8%, 61.8% fibonacci retracement, descending trendline resistance and horizontal graphical overlap resistance. Trading FX & CFDs carries high risk.
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