XAUUSD, H4 is approaching our Pivot, potential for a drop.
Description
Price is approaching our Pivot point at 1741.17 which is in line with 50% fibonacci retracement and horizontal graphical overlap. We could potentially see a drop from our Pivot point towards our 1st support level at 1729.47 which is in line with 78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support. It's noteworthy that price is trending under the broken ascending trendline, in line with our bearish analysis.
Pivot: 1741.17
Why we like it:
50% fibonacci retracement and horizontal graphical overlap
1st Support: 1729.47
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support
1st Resistance: 1751.33
Why we like it:
78.6% fibonacci retracement and horizontal graphical overlap
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1741.17 which is in line with 50% fibonacci retracement and horizontal graphical overlap. We could potentially see a drop from our Pivot point towards our 1st support level at 1729.47 which is in line with 78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support. It's noteworthy that price is trending under the broken ascending trendline, in line with our bearish analysis.
Pivot: 1741.17
Why we like it:
50% fibonacci retracement and horizontal graphical overlap
1st Support: 1729.47
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support
1st Resistance: 1751.33
Why we like it:
78.6% fibonacci retracement and horizontal graphical overlap
Trading FX & CFDs carries high risk.
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