XAUUSD approaching our Pivot point, potential for a drop.
Description
Price is approaching our Pivot point at 1845.98 which is in line with our 78.6% Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 1825.46, which is in line with -27% fibonacci retracement, 127% fibonacci extension and horizontal swing low support. It is worth noting that price is under the Ichimoku cloud and MACD is below the 0-line.
Pivot: 1845.98
Why we like it:
78.6% Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap
1st Support: 1825.46
Why we like it:
-27% fibonacci retracement, 127% fibonacci extension and horizontal swing low support
1st Resistance: 1861.09
Why we like it:
88% fibonacci retracement, 200% fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1845.98 which is in line with our 78.6% Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 1825.46, which is in line with -27% fibonacci retracement, 127% fibonacci extension and horizontal swing low support. It is worth noting that price is under the Ichimoku cloud and MACD is below the 0-line.
Pivot: 1845.98
Why we like it:
78.6% Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap
1st Support: 1825.46
Why we like it:
-27% fibonacci retracement, 127% fibonacci extension and horizontal swing low support
1st Resistance: 1861.09
Why we like it:
88% fibonacci retracement, 200% fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
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