#XAUUSD above pivot, potential for bounce!

Description

Price is reacting above our pivot level at 1,725.21 which is in line with 38.2% Fibonacci retracement level. Price could potentially swing towards resistance at 1,756.13, which is in line with 50% Fibonacci retracement level, 100% Fibonacci extension level, 20EMA & horizontal overlap resistance.
Alternatively, price may drop to our support at 1,708.53, which coincides with 61.8% Fibonacci retracement level.

Pivot:
1,725.21

Why we like it:
38.2% Fibonacci retracement level

1st Support:
1,708.53
61.8% Fibonacci retracement level

1st Resistance:
1,756.13
50% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance.
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