XAUUSD reversing from our Pivot point, potential for a drop.
Description
Price is reversing from our Pivot point at 1884.24 which is in line with our 50% Fibonacci retracement and horizontal graphical resistance. We could potentially see price drop from our Pivot point towards our 1st support level at 1852.98, which is in line with 61.8%, 100% Fibonacci extension, 61.8% fibonacci retracement and ascending trendline support. It is worth noting that the first support level as our take profit is right above the Ichimoku cloud and Ascending trendline support.
Pivot: 1884.24
Why we like it:
50% Fibonacci retracement and horizontal graphical resistance
1st Support: 1852.98
Why we like it:
61.8%, 100% Fibonacci extension, 61.8% fibonacci retracement and ascending trendline support
1st Resistance: 1895.56
Why we like it:
78.6% fibonacci retracement and horizontal graphical resistance
Trading FX & CFDs carries high risk.
Price is reversing from our Pivot point at 1884.24 which is in line with our 50% Fibonacci retracement and horizontal graphical resistance. We could potentially see price drop from our Pivot point towards our 1st support level at 1852.98, which is in line with 61.8%, 100% Fibonacci extension, 61.8% fibonacci retracement and ascending trendline support. It is worth noting that the first support level as our take profit is right above the Ichimoku cloud and Ascending trendline support.
Pivot: 1884.24
Why we like it:
50% Fibonacci retracement and horizontal graphical resistance
1st Support: 1852.98
Why we like it:
61.8%, 100% Fibonacci extension, 61.8% fibonacci retracement and ascending trendline support
1st Resistance: 1895.56
Why we like it:
78.6% fibonacci retracement and horizontal graphical resistance
Trading FX & CFDs carries high risk.
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