#XAUUSD approaching pivot, potential for rise!
Price has broken above our pivot level at 1783.33 which is in line with 78.6% Fibonacci retracement level & horizontal swing low support . We could potentially see a further rise from here towards 1810.64, which coincides with 38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance. Finally, we can expect price to take support at 1762.5, which coincides with 78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support . This is further supported by how price is likely to bounce off the RSI support level .
Pivot:
1,783.33
Why we like it:
78.6% Fibonacci retracement level & horizontal swing low support
1st Support:
1,762.500
78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support
1st Resistance:
1,810.640
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
1,783.33
Why we like it:
78.6% Fibonacci retracement level & horizontal swing low support
1st Support:
1,762.500
78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support
1st Resistance:
1,810.640
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
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