ICmarkets
Short

XAUUSD Approaching Resistance, Potential Reversal

OANDA:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD is approaching its resistance at 1239.73 (61.8% Fibonacci extension , 38.2% Fibonacci retracement , horizontal overlap resistance) where it could potentially reverse down to its support at 1213.26 (50% Fibonacci retracement , horizontal swing low support).

Stochastic (89, 5, 3) is approaching its resistance at 97% where a corresponding reversal could occur.
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Comments

I would wait for 2nd resistance, as this is 3rd test of 1240 area, also the fall from 1st hit of .38 wasn't significant, it wants the 50 fib which is also a major confluence of trendlines
+1 Reply
great idea guys and easy to understand chart
+1 Reply
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