#XAUUSD, H4 is reversing from our Pivot, potential for a drop.
Description
Price is testing our Pivot point at 1865.47, which is in line with 61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap. We could potentially see a drop from our Pivot point towards our 1st support level at 1842.66, which is in line with 127% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap. It's worth noting that price is under the Ichimoku cloud, and MACD is under the 0-line, in line with our bearish analysis.
Pivot: 1865.47
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap
1st Support: 1842.66
Why we like it:
127% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Resistance: 1886.76
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical swing high
Trading FX & CFDs carries high risk.
Price is testing our Pivot point at 1865.47, which is in line with 61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap. We could potentially see a drop from our Pivot point towards our 1st support level at 1842.66, which is in line with 127% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap. It's worth noting that price is under the Ichimoku cloud, and MACD is under the 0-line, in line with our bearish analysis.
Pivot: 1865.47
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap
1st Support: 1842.66
Why we like it:
127% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Resistance: 1886.76
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical swing high
Trading FX & CFDs carries high risk.
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