XAUUSD approaching resistance, potential drop!

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Price is facing bearish pressure from our first resistance at 1295.48 (short term descending line, 50%, 61.8% Fibonacci retracement , Horizontal overlap resistance, 61.8% Fibonacci extension ) where we can expect a further drop to our major support level at 1278.19 (61.8% Fibonacci retracement , Horizontal overlap support).
Stochastic is also approaching resistance.
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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