XAUUSD has reversed from our Pivot point, potential for a drop
Description
Price has reversed from our Pivot point at 1818.99, which is in line with our 61.8% Fibonacci retracement, 78.6% fibonacci extension, descending trendline resistance and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 1772.16, which is in line with 78.6% fibonacci retracement, 61.8%, 161.8% fibonacci extension and Horizontal graphical swing low support. Its noteworthy price is trending under the descending trendline, and Stochastics are showing bearish pressure where price have previously reacted away from the 96% level.
Pivot: 1818.99
Why we like it:
61.8% Fibonacci retracement, 78.6% fibonacci extension, descending trendline resistance and horizontal graphical overlap
1st Support: 1772.16
Why we like it:
78.6% fibonacci retracement, 61.8%, 161.8% fibonacci extension and Horizontal graphical swing low support
1st Resistance: 1833.29
Why we like it:
76.4%, -27% fibonacci retracement and 100% fibonacci extension
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point at 1818.99, which is in line with our 61.8% Fibonacci retracement, 78.6% fibonacci extension, descending trendline resistance and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 1772.16, which is in line with 78.6% fibonacci retracement, 61.8%, 161.8% fibonacci extension and Horizontal graphical swing low support. Its noteworthy price is trending under the descending trendline, and Stochastics are showing bearish pressure where price have previously reacted away from the 96% level.
Pivot: 1818.99
Why we like it:
61.8% Fibonacci retracement, 78.6% fibonacci extension, descending trendline resistance and horizontal graphical overlap
1st Support: 1772.16
Why we like it:
78.6% fibonacci retracement, 61.8%, 161.8% fibonacci extension and Horizontal graphical swing low support
1st Resistance: 1833.29
Why we like it:
76.4%, -27% fibonacci retracement and 100% fibonacci extension
Trading FX & CFDs carries high risk.
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