XAUUSD, H4 is approaching our Pivot point, potential for a drop
Description
Price is approaching our Pivot point at 1861.38 which is in line with our 61.8% Fibonacci retracement and ascending trendline resistance. We could potentially see price drop from our Pivot point towards our 1st support level at 1819.91, which is in line with 50% Fibonacci extension and 50% Fibonacci retracement. It is worth noting that price has broken out of the ascending trendline and MACD is showing bearish momentum, in line with our analysis.
Pivot: 1861.38
Why we like it:
61.8% Fibonacci retracement and ascending trendline resistance
1st Support: 1819.91
Why we like it:
50% Fibonacci extension and 50% Fibonacci retracement
1st Resistance: 1883.11
Why we like it:
76.4% Fibonacci extension and Horizontal graphical resistance
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1861.38 which is in line with our 61.8% Fibonacci retracement and ascending trendline resistance. We could potentially see price drop from our Pivot point towards our 1st support level at 1819.91, which is in line with 50% Fibonacci extension and 50% Fibonacci retracement. It is worth noting that price has broken out of the ascending trendline and MACD is showing bearish momentum, in line with our analysis.
Pivot: 1861.38
Why we like it:
61.8% Fibonacci retracement and ascending trendline resistance
1st Support: 1819.91
Why we like it:
50% Fibonacci extension and 50% Fibonacci retracement
1st Resistance: 1883.11
Why we like it:
76.4% Fibonacci extension and Horizontal graphical resistance
Trading FX & CFDs carries high risk.
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