#XAUUSD, H4 is approaching our Pivot, potential for a rise.
Price is approaching pivot level of 1813.39, which is in line with 61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support. A reversal from this level may see price take resistance at price 1844.72. This level coincides with 61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance. Finally, we can expect price to take support at 1791.23, 127.2% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal overlap support. This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1,813.390
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Support:
1,791.230
127.2% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal overlap support
1st Resistance:
1,844.720
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
1,813.390
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Support:
1,791.230
127.2% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal overlap support
1st Resistance:
1,844.720
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
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