XAUUSD is testing its resistance, potential for a drop!
XAUUSD is testing its resistance at 1339 (61.8% Fibonacci retracement, horizontal swing high resistance) where a reaction could occur, causing price to fall to its 1st support at 1326 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap support). If it breaks past this level, it could fall to its 2nd support at 1319 (61.8% Fibonacci extension, horizontal overlap support). We have also identified another resistance at 1344 (100% Fibonacci extension, 61.8% Fibonacci extension, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding reaction could occur.
Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding reaction could occur.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.