#XAUUSD approaching pivot, potentail for a reversal!
Price is approaching pivot level of 1777.79 where we have 127.2% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap support lining up. A reversal from this level might see price take support at 1742.02, which is in line with 38.2% Fibonacci retracement level, 50.0% Fibonacci extension level & horizontal pullback support. Finally, price is unlikely to surpass our strong resistance at 1787, which coincides with 61.8% Fibonacci retracement level horizontal overlap support & 161.8% Fibonacci extension level . This is further supported by price holding below MA.
Pivot:
1,777.79
Why we like it:
127.2% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap support
1st Support:
1,742.020
Why we like it:
38.2% Fibonacci retracement level, 50.0% Fibonacci extension level & horizontal pullback support
1st Resistance:
1,787.000
Why we like it:
61.8% Fibonacci retracement level horizontal overlap support & 161.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
Pivot:
1,777.79
Why we like it:
127.2% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap support
1st Support:
1,742.020
Why we like it:
38.2% Fibonacci retracement level, 50.0% Fibonacci extension level & horizontal pullback support
1st Resistance:
1,787.000
Why we like it:
61.8% Fibonacci retracement level horizontal overlap support & 161.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
Penafian
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