XAUUSD testing our Pivot point, potential for a drop.
Description
Price is testing our Pivot point at 1812.55 which is in line with our 61.8% Fibonacci retracement, 61.8%, 78.6% fibonacci extension, moving average resistance and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 1792.56, which is in line with 78.6% fibonacci retracement, 127% fibonacci extension and horizontal swing low support. Its noteworthy that price is trending under the moving average, Ichimoku cloud and MACD is under the 0 line in line with our bearish analysis.
Pivot: 1812.55
Why we like it:
61.8% Fibonacci retracement, 61.8%, 78.6% fibonacci extension, moving average resistance and horizontal graphical overlap
1st Support: 1792.56
Why we like it:
78.6% fibonacci retracement, 127% fibonacci extension and horizontal swing low support
1st Resistance: 1832
Why we like it:
-27%, 78.6% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
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