#XAUUSD, H4 is approaching our Pivot, potential for a drop.
Description
Price is approaching our Pivot point at 1866.59, which is in line with 61.8% fibonacci retracement, 61.8%, 78.6% fibonacci extension and horizontal graphical overlap. We could potentially see a drop from our Pivot point towards our 1st support level at 1842.83, which is in line with -61.8%, 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: 1866.59
Why we like it:
61.8% fibonacci retracement, 61.8%, 78.6% fibonacci extension and horizontal graphical overlap
1st Support: 1842.83
Why we like it:
-61.8%, 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 approaching our Pivot point at 1866.59, which is in line with 61.8% fibonacci retracement, 61.8%, 78.6% fibonacci extension and horizontal graphical overlap. We could potentially see a drop from our Pivot point towards our 1st support level at 1842.83, which is in line with -61.8%, 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: 1866.59
Why we like it:
61.8% fibonacci retracement, 61.8%, 78.6% fibonacci extension and horizontal graphical overlap
1st Support: 1842.83
Why we like it:
-61.8%, 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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