Nice idea on XAUUSD and there may be bearish potential as you have identified. The resistance that we have found is at 1236.70, which is just above the resistance that you have identified. It is a horizontal swing overlap resistance with 61.8% & 100% Fibonacci extension and 38.2% Fibonacci retracement. Stochastic is approaching its resistance at 95% where a corresponding reversal could occur. If a corresponding reversal does occur, we may want to look at the 1214.68, which is just above the support that you have identified. It is a horizontal overlap support, with 61.8% Fibonacci extension and 38.2% Fibonacci retracement. Looking forward to see how things develop.

Please have a look at our idea and share with us what you think.
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