XAUUSD near support, could possibly bounce

OANDA:XAUUSD   Gold Spot / U.S. Dollar

Price is approaching our first support (100% Fibonacci extension , horizontal swing low resistance, 38.2% Fibonacci retracement )where a strong bounce might occur pushing the price up to our major resistance (horizontal swing high resistance). Stochastics also showing support. 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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This analysis is provided as general market commentary and does not constitute investment advice.
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