XAUUSD approaching support, potential bounce!
XAUUSD is approaching our first support at 1310.48 (horizontal overlap support). A strong bounce might occur above this level, pushing price up to our major resistance at 1325.87 (horizontal swing high resistance, 100% Fibonacci extension, 38.2% Fibonacci retracement). A breakout above our intermediate resistance at 1318.17 (horizontal swing high resistance, 23.6% Fibonacci retracement) might provide the bullish acceleration to our major resistance level.
RSI (89) is also seeing a bullish exit and we might see a corresponding rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
RSI (89) is also seeing a bullish exit and we might see a corresponding rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
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