#XAUUSD bounced from our Pivot point, potential for a rise.
Price is reacting below our pivot level at 1794.49 which is in line with 38.2% Fibonacci retracement level, 50.0% Fibonacci extension levelhorizontal overlap support. Price can potentially take support at 1755.94, which is in line with , 127.2% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 1853.74, which coincides with 61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1,794.49
Why we like it:
38.2% Fibonacci retracement level, 50.0% Fibonacci extension levelhorizontal overlap support
1st Support:
1,755.94
, 127.2% Fibonacci extension level & horizontal swing low support
1st Resistance:
1,853.74
61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
1,794.49
Why we like it:
38.2% Fibonacci retracement level, 50.0% Fibonacci extension levelhorizontal overlap support
1st Support:
1,755.94
, 127.2% Fibonacci extension level & horizontal swing low support
1st Resistance:
1,853.74
61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
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