XAUUSD, H4 is approaching our Pivot point, potential for a drop.
Description
Price is approaching our Pivot point at 1865.30 which is in line with our 50% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical overlap. We could potentially see price drop towards our 1st support level at 1815.19, which is in line with 50% Fibonacci retracement and Horizontal graphical level. It is worth noting that the Ichimoku cloud is showing bearish momentum.
Pivot: 1865.30
Why we like it:
50% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical overlap
1st Support: 1815.19
Why we like it:
50% Fibonacci retracement and Horizontal graphical level
1st Resistance: 1888.88
Why we like it:
61.8% Fibonacci retracement and Horizontal graphical level
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1865.30 which is in line with our 50% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical overlap. We could potentially see price drop towards our 1st support level at 1815.19, which is in line with 50% Fibonacci retracement and Horizontal graphical level. It is worth noting that the Ichimoku cloud is showing bearish momentum.
Pivot: 1865.30
Why we like it:
50% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical overlap
1st Support: 1815.19
Why we like it:
50% Fibonacci retracement and Horizontal graphical level
1st Resistance: 1888.88
Why we like it:
61.8% Fibonacci retracement and Horizontal graphical level
Trading FX & CFDs carries high risk.
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