XAUUSD bounced from our Pivot, potential for a rise.

Description
Price has bounced from our Pivot point at 1720.34 which is in line with our 61.8% Fibonacci retracement, 88% fibonacci extension, ichimoku cloud support and ascending trendline support. We could potentially see a rise from our Pivot point towards our 1st Resistance level at 1791.23 which is in line with 61.8%, 78.6% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap. Its noteworthy that price is trending above the ascending trendline and Ichimoku cloud, MACD is also above the 0 line, all in line with our bullish analysis.

Pivot: 1720.34
Why we like it:
61.8% Fibonacci retracement, 88% fibonacci extension, ichimoku cloud support and ascending trendline support

1st Support: 1684.02
Why we like it:
127% fibonacci retracement and horizontal swing low support.

1st Resistance: 1791.23
Why we like it:
61.8%, 78.6% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap

Trading FX & CFDs carries high risk.