Nice idea on XAUUSD and there may be bullish bias as you have identified. For our set up, we have identified the key resistance and support levels for the shorter term. The support that we have identified is at 1207. It is a horizontal overlap support, with 100% Fibonacci extension and 61.8% Fibonacci retracement. Stochastic is approaching its support where a corresponding bounce could occur. If a bounce does occur, we may want to look at the 1219 resistance level, which is mid way your profit target. It is a horizontal overlap resistance, with 38.2% Fibonacci retracement. Looking forward to seeing how things develop.

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

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