#XAUUSD, H4 is reversing from our Pivot, potential for a drop.
Description
Price is reversing from our Pivot point at 1790.67 which is in line with 78.6% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap. We could potentially see a drop from our Pivot point towards our 1st support level at 1754.20, which is in line with -27% fibonacci retracement, 100% fibonacci extension and horizontal swing low. It's worth noting that price is under the moving average, in line with our bearish analysis.
Pivot: 1790.67
Why we like it:
78.6% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Support: 1754.20
Why we like it:
-27% fibonacci retracement, 100% fibonacci extension and horizontal swing low
1st Resistance: 1809.71
Why we like it:
127% fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap
Trading FX & CFDs carries high risk.
Price is reversing from our Pivot point at 1790.67 which is in line with 78.6% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap. We could potentially see a drop from our Pivot point towards our 1st support level at 1754.20, which is in line with -27% fibonacci retracement, 100% fibonacci extension and horizontal swing low. It's worth noting that price is under the moving average, in line with our bearish analysis.
Pivot: 1790.67
Why we like it:
78.6% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Support: 1754.20
Why we like it:
-27% fibonacci retracement, 100% fibonacci extension and horizontal swing low
1st Resistance: 1809.71
Why we like it:
127% fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap
Trading FX & CFDs carries high risk.
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