#XAUUSD approaching pivot, potential for rise!
Price has broken above our pivot level at 1797.8 which is in line with 50.0% Fibonacci retracement level & horizontal overlap resistance . We could potentially see a further rise from here towards 1811.48, 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 1788.31, which coincides with 78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support . This is further supported by how price is likely to bounce off the RSI support level
Pivot:
1,797.80
Why we like it:
50.0% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1,788.310
78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Resistance:
1,811.480
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
1,797.80
Why we like it:
50.0% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1,788.310
78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Resistance:
1,811.480
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
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