XAUUSD approaching our Pivot point, potential for a bounce.
Description
Price is approaching our Pivot point at 1834.34 which is in line with our 61.8% Fibonacci retracement and ascending trendline support. We could potentially see price bounce from our Pivot point towards our 1st resistance level at 1848.97, which is in line with 61.8% Fibonacci extension and horizontal graphical resistance. It is worth noting that price is trending above an ascending trendline and Stochastic (21,5,3) is showing bullish momentum at 21% where price has previously reacted from.
Pivot: 1834.34
Why we like it:
61.8% Fibonacci retracement and ascending trendline support
1st Support: 1829.37
Why we like it:
76.4% Fibonacci extension, 78.6% Fibonacci retracement and horizontal level of support.
1st Resistance: 1848.97
Why we like it:
61.8% Fibonacci extension and horizontal graphical resistance
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1834.34 which is in line with our 61.8% Fibonacci retracement and ascending trendline support. We could potentially see price bounce from our Pivot point towards our 1st resistance level at 1848.97, which is in line with 61.8% Fibonacci extension and horizontal graphical resistance. It is worth noting that price is trending above an ascending trendline and Stochastic (21,5,3) is showing bullish momentum at 21% where price has previously reacted from.
Pivot: 1834.34
Why we like it:
61.8% Fibonacci retracement and ascending trendline support
1st Support: 1829.37
Why we like it:
76.4% Fibonacci extension, 78.6% Fibonacci retracement and horizontal level of support.
1st Resistance: 1848.97
Why we like it:
61.8% Fibonacci extension and horizontal graphical resistance
Trading FX & CFDs carries high risk.
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