XAUUSD approaching our Pivot point, potential for a drop.
Description
Price is approaching our Pivot point at 1875.35 which is in line with our 100% Fibonacci extension and horizontal graphical resistance. We could potentially see price drop from our Pivot point towards our 1st support level at 1822.95, which is in line with 50% Fibonacci extension and horizontal graphical support. It is worth noting that Stochastic (21,5,3) is showing bearish momentum at 96% where price has previously reversed from.
Pivot: 1875.35
Why we like it:
100% Fibonacci extension and horizontal graphical resistance
1st Support: 1822.95
Why we like it:
50% Fibonacci extension and horizontal graphical support
1st Resistance: 1904.99
Why we like it:
78.6% Fibonacci extension, -27% and 161.8% fibonacci retracement.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1875.35 which is in line with our 100% Fibonacci extension and horizontal graphical resistance. We could potentially see price drop from our Pivot point towards our 1st support level at 1822.95, which is in line with 50% Fibonacci extension and horizontal graphical support. It is worth noting that Stochastic (21,5,3) is showing bearish momentum at 96% where price has previously reversed from.
Pivot: 1875.35
Why we like it:
100% Fibonacci extension and horizontal graphical resistance
1st Support: 1822.95
Why we like it:
50% Fibonacci extension and horizontal graphical support
1st Resistance: 1904.99
Why we like it:
78.6% Fibonacci extension, -27% and 161.8% fibonacci retracement.
Trading FX & CFDs carries high risk.
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