#XAUUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1811.15. which is in line with 50.0% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing high resistance. Price can potentially take support at 1789.28, which is in line with 127.2% Fibonacci retracement level, 61.8% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1819.43, which coincides with 78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is holding below the EMA
Pivot:
1811.15.
Why we like it:
50.0% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing high resistance
1st Support:
1,789.280
127.2% Fibonacci retracement level, 61.8% Fibonacci extension level
1st Resistance:
1,819.430
78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance
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