Gold is facing bearish pressure

Price is facing bearish pressure from our first resistance, in line with our horizontal overlap resistance, 61.8% fibonacci retracement and 78.6% fibonacci extension, where we could see a further reversal below this level. A break below our downside confirmation level could see a further drop to our first support target. Stochastic is facing bearish pressure from our resistance as well.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks