XAUUSD approaching resistance, potential drop!
XAUUSD is approaching our first resistance at 1211.01 (horizontal overlap resistance, 61.8% Fibonacci extension, 23.6% Fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support at 1191.66 (horizontal swing low support, 78.6%, 50% Fibonacci retracement, 100% Fibonacci extension).
Stochastic (55,5,3) is also approaching support and a bounce off this level might see a corresponding rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (55,5,3) is also approaching support and a bounce off this level might see a corresponding 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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