XAUUSD reversed from our Pivot, potential for a drop.
Description
Price has reversed from our Pivot point at 1733.7 which is in line with our 50% Fibonacci retracement, horizontal swing high resistance and descending trendline. We could potentially see a drop from our Pivot point towards our 1st support level at 1724.03 which is in line with 88% fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support. It's noteworthy that price is trending under the descending trendline, in line with our bearish analysis.
Pivot: 1733.7
Why we like it:
50% Fibonacci retracement, horizontal swing high resistance and descending trendline
1st Support: 1724.03
Why we like it:
88% fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support
1st Resistance: 1740.8
Why we like it:
-27% fibonacci retracement, 88% fibonacci extension and horizontal swing high resistance
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