#XAUUSD is at trendline resistance, potential for a pullback
Price is reaction insde our pivot level at 1,816.07 which is in line with -27.2% Fibonacci retracement level, 61.8% Fibonacci extension level and trendline resistance. Price could potentially drop towards support at 1,800 which is in-line with 23.6% Fibonacci retracement level, 78.6% Fibonacci extension level and ascending trendline support. RSI is also at resistance level where previous drops occurred.
Alternatively, price may swing towards our resistance at 1,838, which coincides with -61.8% Fibonacci retracement level and 78.6% Fibonacci extension level.
Pivot:
1,816.07
Why we like it:
-27.2% Fibonacci retracement level, 61.8% Fibonacci extension level and descending trendline resistance
1st Support:
1,800
23.6% Fibonacci retracement level, 78.6% Fibonacci extension level and ascending trendline support
1st Resistance:
1,838
-61.8% Fibonacci retracement level and 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk
Alternatively, price may swing towards our resistance at 1,838, which coincides with -61.8% Fibonacci retracement level and 78.6% Fibonacci extension level.
Pivot:
1,816.07
Why we like it:
-27.2% Fibonacci retracement level, 61.8% Fibonacci extension level and descending trendline resistance
1st Support:
1,800
23.6% Fibonacci retracement level, 78.6% Fibonacci extension level and ascending trendline support
1st Resistance:
1,838
-61.8% Fibonacci retracement level and 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk
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