XAUUSD testing support, potential rise!
Price is testing our first support at 1307.36 (horizontal overlap resistance). A strong bounce might occur above this level, pushing price up to our major resistance at 1325.27 (horizontal swing high resistance, 100% Fibonacci extension, 38.2% Fibonacci retracement, Elliot wave structure). A breakout above our intermediate resistance at 1320.60 (horizontal overlap resistance) might provide the bullish acceleration to our major resistance level.
Stochastic (55,5,3) is also seeing a bullish divergence and is bouncing off our major support which might be a good precursor for a potential rise in price.
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Stochastic (55,5,3) is also seeing a bullish divergence and is bouncing off our major support which might be a good precursor for a potential 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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