XAUUSD approaching resistance, potential drop!
XAUUSD is approaching our first resistance at 1301.45 (horizontal pullback resistance, 38.2% Fibonacci retracement) where price might potentially drop to our first support at 1288.55 (horizontal swing low support, 76.4% Fibonacci retracement). A breakout below our intermediate support at 1297.49 (horizontal overlap support, 38.2% Fibonacci retracement) might provide the bearish acceleration for price to drop to our first support level.
RSI is also seeing a bearish exit in where we might see a corresponding drop in price.
RSI is also seeing a bearish exit in where we might see a corresponding drop in price.
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