Tickmill
Short

XAUUSD approaching resistance, potential drop!

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD is approaching our first resistance at 1325.87 (horizontal swing high resistance, 100% Fibonacci extension , 38.2% Fibonacci retracement ) which coincides with our short term descending resistance line. A strong reaction might occur below this level, pushing price down to our major support at 1302.72 (horizontal swing low support, 161.8% Fibonacci retracement ). A breakout below our intermediate support at 1317.34 (horizontal overlap support, 38.2% Fibonacci retracement ) might provide the bearish acceleration to our major support target.
Stochastic (89,5,3) is also approaching our major resistance and a reaction off this level might be a good precursor for a potential drop in price.
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This analysis is provided as general market commentary and does not constitute investment advice.

Comments

Hi there,

As from last week, XAU tested on 1325 and bounce back to 1317 and going up for a pull back. You reckon the pull back will hit the same resistance spot and come back down? Appreciate your feedback as I'm following and learning on this pair.Thanks
Reply
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