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Long

XAUUSD approaching support, potential rise!

FX:XAUUSD   Gold Spot / U.S. Dollar
XAUDUSD is approaching our major support at 1322.59 (61.8%, 100% Fibonacci extension , horizontal swing low support). A strong bounce might occur at this level pushing price up to our major resistance at 1332.31 (38.2% Fibonacci retracement , horizontal pullback resistance).

Stochastic (34,5,3) is also approaching our major support at 6%, in line with the potential downside before price reaches our first support. A bounce off this level might be a good precursor of a potential 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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