XAUUSD could potentially break out of its descending resistance!
XAUUSD is being squeezed by its descending resistance line and its major support at 1306 (L T 100% Fibonacci extension, L T 50% Fibonacci retracement, 61.8% Fibonacci extension, multiple horizontal swing low) If price breaks out of its descending line, we could see it rise to its 1st resistance at 1330 (61.8% Fibonacci extension, horizontal swing high resistance) and possibly to its 2nd resistance at 1339 (61.8% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) shows a lot of corresponding upside potential. A bullish divergence and ascending line has also been identified, indicating the possibility of a bullish breakout.
Stochastic (89, 5, 3) shows a lot of corresponding upside potential. A bullish divergence and ascending line has also been identified, indicating the possibility of a bullish breakout.
Trade fermée: cible de profit atteinte:
yay! XAUUSD broke out of its descending resistance and reached the 1st resistance!
IC Markets is an online forex broker specialized in providing transparent trading solutions to both retail and institutional investors alike. We provide superior execution technology, lower spreads and unrivaled liquidity.