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Tickmill
Jan 25, 2018 5:07 AM

Gold testing major resistance, watch for a potential reversal! Short

Gold/U.S. DollarFXCM

Description

Gold is testing major resistance at 1361 (ABC Fibonacci extension, horizontal swing high resistance) and a reversal could occur at this level to push price down towards 1344 support (Fibonacci retracement, horizontal pullback support) before 1325 support (Fibonacci retracement, horizontal swing low support).

Stochastic (55,5,3) is seeing major resistance at 99% where a corresponding reaction could occur.

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Losses can exceed the initial investment so please ensure you fully understand the risks.
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