easyMarkets
Short

XAUUSD approaching resistance, potential drop!

OANDA:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD is approaching our resistance at 1308.29 (horizontal pullback resistance, 61.8% Fibonacci retracement , 61.8% Fibonacci extension ) where a strong drop might occur below this level pushing price down to our major support at 1299.48 (61.8% Fibonacci extension , 38.2% Fibonacci retracement , horizontal pullback support).
Stochastic is also approaching resistance and seeing a bearish divergence where we might see a corresponding drop in price.
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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