ICmarkets
Long

XAUUSD Approaching Support, Potential Bounce!

FX:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD is approaching its support at 1283.90 (61.8% Fibonacci extension , horizontal swing low support) where it could potentially bounce to its resistance at 1296.27 (50% Fibonacci retracement ).
Stochastic (89, 5, 3) is approaching its support at 2.3% where a corresponding bounce could occur.
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Now there could be a take-profyt bounce up... but my target 1200-1220$ is very well in play
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The price has broken all your supports level, shall we short it now ? Heheh
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lucamodena baqishirzadi
@baqishirzadi, The second support level is still holding on... I suggest to wait a bit for a retracement and short it once it hits the neckline of my H&S scenario
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I have just 1 question ? Why not considered level 1280 not 1283 , all are confused every time to draw the line on the wick or body 1 pip can make big difference.
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awusaify Mohamedali89
@Mohamedali89, Even 1280 is ok. we refer this as Zone... probability zone.
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@awusaify, thanks man for the info
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