XAUUSD is approaching our first support at 1229.9 (horizontal overlap support, 61.8% & 100% Fibonacci extension, 38.2% & 50% Fibonacci retracement) where a strong bounce might occur above this level pushing price up to our major resistance at 1240 (50% Fibonacci retracement, horizontal overlap resistance). Stochastic (34,5,3) is also approaching support and we might see a corresponding bounce in price.
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