XAUUSD approaching resistance, potential drop!
XAUUSD is approaching our first resistance at 1304.00 (horizontal swing high resistance, short term descending resistance line, 78.6% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major 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 to our major support target.
RSI (89) is also seeing a bearish exit in line with our bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (89) is also seeing a bearish exit in line with our bearish bias.
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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