XAUUSD approaching resistance, potential drop!
XAUUSD is approaching our first resistance at 1234.81 (horizontal swing high resistance, 78.6% Fibonacci retracement, 61.8% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 1219.92 (horizontal swing low support, 38.2% Fibonacci retracement).
Stochastics (89,5,3) is also approaching resistance and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastics (89,5,3) is also approaching resistance and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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