XAUUSD is approaching our first support at 1218.62 (Horizontal swing low support, 100% Fibonacci extension, 76.4% Fibonacci retracement) where a strong bounce might occur above this level pushing price up to our major resistance at 1238.35 (horizontal pullback resistance, 50% Fibonacci retracement, 100% Fibonacci extension). Stochastic (55,5,3) is also approaching support and a bounce off this level might see a corresponding rise in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.