XAUUSD is approaching our first support at 1234.27 (horizontal overlap support, 61.8% Fibonacci extension, 23.6% Fibonacci retracement) where a strong bounce might occur above this level pushing price up to our major resistance at 1243.90 (horizontal swing high resistance). RSI (89) is also seeing a bullish exit and we might see a corresponding bounce in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.