XAUUSD approaching our Pivot point, potential for a drop.
Description
Price is making a pull back into our Pivot point at 1835.95 which is in line with our 61.8% Fibonacci retracement, 88% 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 1815.04, which is in line with -27% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support. Its noteworthy that price is trending under the descending trendline, Ichimoku cloud and MACD is under the 0 line in line with our bearish analysis.
Pivot: 1835.95
Why we like it:
61.8% Fibonacci retracement, 88% fibonacci extension, descending trendline resistance and horizontal graphical overlap
1st Support: 1815.04
Why we like it:
-27% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support.
1st Resistance: 1873.91
Why we like it:
61.8%, 78.6% fibonacci extension and horizontal graphical overlap
Trading FX & CFDs carries high risk.
Price is making a pull back into our Pivot point at 1835.95 which is in line with our 61.8% Fibonacci retracement, 88% 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 1815.04, which is in line with -27% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support. Its noteworthy that price is trending under the descending trendline, Ichimoku cloud and MACD is under the 0 line in line with our bearish analysis.
Pivot: 1835.95
Why we like it:
61.8% Fibonacci retracement, 88% fibonacci extension, descending trendline resistance and horizontal graphical overlap
1st Support: 1815.04
Why we like it:
-27% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support.
1st Resistance: 1873.91
Why we like it:
61.8%, 78.6% fibonacci extension and horizontal graphical overlap
Trading FX & CFDs carries high risk.
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