XAUUSD Testing Resistance, Prepare For A Reversal!
Sell below 1259.
Stop loss at 1267.
Take profit at 1238.
Reason for the trading strategy (technically):
XAUUSD is testing its resistance at 1259 (61.8% & 23.6% Fibonacci retracement, horizontal swing high resistance) where we expect to see a reversal, causing price to fall to its support at 1238 (horizontal swing low support).
Stochastic (55, 5, 3) is approaching resistance at 93% where a reversal could occur.
Stop loss at 1267.
Take profit at 1238.
Reason for the trading strategy (technically):
XAUUSD is testing its resistance at 1259 (61.8% & 23.6% Fibonacci retracement, horizontal swing high resistance) where we expect to see a reversal, causing price to fall to its support at 1238 (horizontal swing low support).
Stochastic (55, 5, 3) is approaching resistance at 93% where a reversal could occur.