XAUUSD approaching resistance, potential drop!
XAUUSD is approaching our first resistance at 1304.16 (horizontal pullback resistance, 50% Fibonacci retracement, 100% Fibonacci extension) where price might potentially drop to our major support at 1283.99 (horizontal swing low support).
Stochastic (21,5,3) is also approaching our resistance and a reaction off this level might be a good precursor for a potential drop in price. Ichiomku cloud is also showing signs of bearish pressure in line with our bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (21,5,3) is also approaching our resistance and a reaction off this level might be a good precursor for a potential drop in price. Ichiomku cloud is also showing signs of bearish pressure in line with our bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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