XAUUSD approaching resistance, potential drop!
XAUUSD is approaching our first resistance at 1263.30 (horizontal swing high resistance, 100% Fibonacci extension, 50% Fibonacci retracement, ascending channel’s resistance) where a strong drop might occur below this level pushing price down to our major support at 1250.19 (23.6% Fibonacci retracement, 100% Fibonacci extension).
Stochastic (34,5,3) is also approaching resistance and seeing a bearish divergence where we might see a corresponding drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (34,5,3) is also approaching resistance and seeing a bearish divergence where we might see a corresponding drop in price should it react off this level.
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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