XAUUSD approaching resistance, potential drop!
XAUUSD is approaching our first resistance at 1271.53 (horizontal overlap resistance, 23.6%, 38.2% Fibonacci retracement, 100% Fibonacci extension) and a strong reaction might occur below this level pushing price down to our major support at 1217.58 (horizontal overlap support, 61.8% Fibonacci retracement). A breakout below our intermediate support at 1242.57 (horizontal swing low support, 50% Fibonacci retracement) might provide the bearish acceleration to our major support target.
Stochastic (89, 5, 3) is also reacting off our resistance and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (89, 5, 3) is also reacting off our resistance and we might see a corresponding drop 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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