XAUUSD is facing bullish pressure, potential for a bounce.
Description:
Price is approaching our pivot, which is in line with our graphical swing low support, 100% Fibonacci extension and 61.8% Fibonacci retracement. We see a medium probability bullish scenario above our pivot at 1834.62, with 1st resistance at 1863.72 as a possible target. Failure to hold above pivot would see price swing the other way towards 1st support at 1817.38.
Pivot: 1834.62
Supporting Points:
100% Fibonacci extension, 61.8% Fibonacci retracement and graphical swing low support
1st Support: 1817.38
Supporting Points:
161.8% Fibonacci extension and graphical swing low support
1st Resistance: 1863.72
Supporting Points:
127.2% Fibonacci extension and graphical swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching our pivot, which is in line with our graphical swing low support, 100% Fibonacci extension and 61.8% Fibonacci retracement. We see a medium probability bullish scenario above our pivot at 1834.62, with 1st resistance at 1863.72 as a possible target. Failure to hold above pivot would see price swing the other way towards 1st support at 1817.38.
Pivot: 1834.62
Supporting Points:
100% Fibonacci extension, 61.8% Fibonacci retracement and graphical swing low support
1st Support: 1817.38
Supporting Points:
161.8% Fibonacci extension and graphical swing low support
1st Resistance: 1863.72
Supporting Points:
127.2% Fibonacci extension and graphical swing high resistance
Trading FX & CFDs carries high risk.