XAUUSD approaching support, potential bounce!
XAUUSD is approaching our first support at 1200.59 (horizontal pullback support, 50%, 23.6% Fibonacci retracement, 100% Fibonacci extension) where a strong bounce might occur above this level pushing price up to our major resistance at 1237.64 (horizontal overlap resistance, 100%, 61.8% Fibonacci extension, 38.2% Fibonacci retracement, long term descending resistance line). Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias.
Stochastics (21,5,3) is also approaching support and a bounce off this level might see a corresponding rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastics (21,5,3) is also approaching support and a bounce off this level might see a corresponding rise in price.
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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