XAUUSD is approaching our first support at 1275.34 (horizontal swing low support, 38.2% Fibonacci retracement, 100% Fibonacci extension) where a strong bounce might occur above this level pushing price up to our major resistance at 1308.70 (horizontal swing high resistance, 50% Fibonacci retracement). Stochastic is also approaching support where we might see a corresponding bounce in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.