Nice idea on XAUUSD and there may be bearish bias as you have you have identified. For our set up, we have identified the key resistance and support levels for the short term. The first resistance that we have identified is at 1228.7 (61.8% Fibonacci extension, 78.6% Fibonacci retracement, horizontal swing high resistance), which is just below the resistance level that you have identified. Stochastic is approaching its resistance at 92% where a corresponding reversal could occur. If a reversal does occur, we may look at the 1218.4 support level (61.8% Fibonacci retracement, horizontal swing high support), which is just above the support level that you have identified.
Please have a look at our idea and share with us what you think.
Please have a look at our idea and share with us what you think.