#XAUUSD, H4 is approaching our Pivot, potential for a rise.

2 Ağu 2021

Price is approaching pivot level of 1798.59, which is in line with 78.6% Fibonacci retracement level, 50.0% Fibonacci retracement level & horizontal overlap support. A reversal from this level may see price take resistance at price 1856. This level coincides with -27.2%Fibonacci retracement level, 78.6% Fibonacci extension level. Finally, we can expect price to take support at 1763.39161.8% Fibonacci retracement level & horizontal swing low support . This is further supported by how MACD is holding above the 0 line.

Pivot:
1,798.59

Why we like it:
78.6% Fibonacci retracement level, 50.0% Fibonacci retracement level & horizontal overlap support

1st Support:
1,763.390
161.8% Fibonacci retracement level & horizontal swing low support

1st Resistance:
1,856.000
-27.2%Fibonacci retracement level, 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.