XAUUSD is approaching our first support at 1296.54 (horizontal pullback support, 61.8% Fibonacci extension, 61.8% Fibonacci retracement) where a strong bounce might occur pushing price up to our major resistance at 1314.02 (horizontal swing high resistance, 61.8% Fibonacci retracement). Stochastic (89,5,3) is also approaching support where we might see a corresponding bounce in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.