XAUUSD, H4 is reversing from our Pivot, potential for a drop.
Description
Price is reversing from our Pivot point at 1732.03 which is in line with our fibonacci confluence and horizontal graphical overlap. We could potentially see a drop from our Pivot point towards our 1st support level at 1710.72 which is in line with 38.2% fibonacci retracement. It's noteworthy that stochastic is showing bearish pressure where price has previously reversed from the 98% level.
Pivot: 1732.03
Why we like it:
78.6% Fibonacci retracement and horizontal graphical overlap
1st Support: 1710.72
Why we like it:
38.2% fibonacci retracement
1st Resistance: 1745.34
Why we like it:
-27% fibonacci retracement and horizontal graphical overlap
Trading FX & CFDs carries high risk.
Price is reversing from our Pivot point at 1732.03 which is in line with our fibonacci confluence and horizontal graphical overlap. We could potentially see a drop from our Pivot point towards our 1st support level at 1710.72 which is in line with 38.2% fibonacci retracement. It's noteworthy that stochastic is showing bearish pressure where price has previously reversed from the 98% level.
Pivot: 1732.03
Why we like it:
78.6% Fibonacci retracement and horizontal graphical overlap
1st Support: 1710.72
Why we like it:
38.2% fibonacci retracement
1st Resistance: 1745.34
Why we like it:
-27% fibonacci retracement and horizontal graphical overlap
Trading FX & CFDs carries high risk.
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