XAUUSD approaching our Pivot, potential for a bearish breakout
Description
Price is approaching our Pivot point at 1773.86 which is in line with 61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap. We could potentially see a bearish breakout from our Pivot point towards our 1st support level at 1755.02 which is in line with -27% fibonacci retracement and 100%, 161.8% fibonacci extension. Do note that stochastics is showing bearish pressure where price has previously reversed off the 88% level.
Pivot: 1773.86
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap
1st Support: 1755.02
Why we like it:
-27% fibonacci retracement and 100%, 161.8% fibonacci extension
1st Resistance: 1789.99
Why we like it:
78.6% fibonacci retracement and horizontal swing high,
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1773.86 which is in line with 61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap. We could potentially see a bearish breakout from our Pivot point towards our 1st support level at 1755.02 which is in line with -27% fibonacci retracement and 100%, 161.8% fibonacci extension. Do note that stochastics is showing bearish pressure where price has previously reversed off the 88% level.
Pivot: 1773.86
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap
1st Support: 1755.02
Why we like it:
-27% fibonacci retracement and 100%, 161.8% fibonacci extension
1st Resistance: 1789.99
Why we like it:
78.6% fibonacci retracement and horizontal swing high,
Trading FX & CFDs carries high risk.
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