#XAUUSD, H4 is reversing from our Pivot, potential for a drop.
Description
Price is reversing from our Pivot point at 1898.20, which is in line with 61.8%, 78.6% fibonacci retracement and horizontal graphical overlap. We could potentially see a drop from our Pivot point towards our 1st support level at 1866.44, which is in line with 78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical swing low. It's worth noting that price is under the descending trendline, in line with our bearish analysis.
Pivot: 1898.20
Why we like it:
61.8%, 78.6% fibonacci retracement and horizontal graphical overlap
1st Support: 1866.44
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical swing low
1st Resistance: 1914.50
Why we like it:
88.6% fibonacci retracement and horizontal graphical swing high
Trading FX & CFDs carries high risk.
Price is reversing from our Pivot point at 1898.20, which is in line with 61.8%, 78.6% fibonacci retracement and horizontal graphical overlap. We could potentially see a drop from our Pivot point towards our 1st support level at 1866.44, which is in line with 78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical swing low. It's worth noting that price is under the descending trendline, in line with our bearish analysis.
Pivot: 1898.20
Why we like it:
61.8%, 78.6% fibonacci retracement and horizontal graphical overlap
1st Support: 1866.44
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical swing low
1st Resistance: 1914.50
Why we like it:
88.6% fibonacci retracement and horizontal graphical swing high
Trading FX & CFDs carries high risk.
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