Oro / DollaroLong
#XAUUSD is approaching pivot, potential for upside
Price is approaching pivot level at 1,832.20 which is in line with 100% Fibonacci retracement level, 78.6% Fibonacci extension level and horizontal overlap resistance. If price can close above this pivot, it could potentially swing towards resistance at 1,872.80 which coincides with 127.2% Fibonacci retracement level, 78.6% Fibonacci extension level and horizontal overlap resistance . Stochastic is also trending upwards indicating bullish momentum.
Alternatively, price may drop to our support at 1,806.90 , which is in-line with 50% Fibonacci retracement level and 100% Fibonacci extension level.
Pivot:
1,832.20
Why we like it:
100% Fibonacci retracement level, 78.6% Fibonacci extension level and horizontal overlap resistance
1st Support:
1,806.90
50% Fibonacci retracement level and 100% Fibonacci extension level
1st Resistance:
1,872.80
127.2% Fibonacci retracement level, 78.6% Fibonacci extension level and horizontal overlap resistance
Trading FX & CFDs carries high risk
Alternatively, price may drop to our support at 1,806.90 , which is in-line with 50% Fibonacci retracement level and 100% Fibonacci extension level.
Pivot:
1,832.20
Why we like it:
100% Fibonacci retracement level, 78.6% Fibonacci extension level and horizontal overlap resistance
1st Support:
1,806.90
50% Fibonacci retracement level and 100% Fibonacci extension level
1st Resistance:
1,872.80
127.2% Fibonacci retracement level, 78.6% Fibonacci extension level and horizontal overlap resistance
Trading FX & CFDs carries high risk
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