#XAUUSD, H4 is bouncing from our Pivot, potential for a rise.
Description
Price is bouncing from our Pivot point at 1778.24, which is in line with 61.8% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap. We could potentially see a rise from our Pivot point towards our 1st resistance level at 1797.70 which is in line with 78.6% fibonacci extension and swing high resistance. Do note that MACD is above the 0 line, in line with our bullish analysis.
Pivot: 1778.24
Why we like it:
61.8% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 1765.21
Why we like it:
100% fibonacci extension and swing low support
1st Resistance: 1797.70
Why we like it:
78.6% fibonacci extension and swing high resistance
Trading FX & CFDs carries high risk.
