XAUUSD approaching resistance, potential drop!
XAUUSD is approaching our first resistance at 1193.09 (horizontal overlap resistance, 61.8% Fibonacci extension, 38.2% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 1180.90 (horizontal overlap support, 61.8% Fibonacci extension, 38.2% Fibonacci retracement). Ichiomku cloud is also showing signs of bearish pressure in line with our bearish bias.
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Losses can exceed the initial investment so please ensure you fully understand the risks.
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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