XAUUSD Approaching Support, Potential Bounce

OANDA:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD is approaching its support at 1211.93 (50% Fibonacci retracement , horizontal overlap support) where it could potentially bounce to its resistance at 1238.06 (61.8% Fibonacci extension , 38.2% Fibonacci retracement , horizontal overlap resistance). Stochastic (55, 5, 3) is approaching its support at 7% where a corresponding bounce could occur.

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Post FOMC it is looking bearish both technically (4H Channel Down) and fundamentally. The USD is well supported also. We are expecting 1213 in the next 2 sessions:

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