XAUUSD is approaching resistance, potential drop!
Price is approaching our first resistance at 1339.70 (horizontal swing high resistance, 61.8% Fibonacci retracement, 100% Fibonacci extension) which coincides with the short term descending resistance line. A strong reaction might occur at this level, pushing price down to our major support at 1326.76 (horizontal swing low support, 100% Fibonacci extension, 61.8% Fibonacci retracement).
Stochastic (34,5,3) is also approaching its major resistance and a reaction off this level might be a good precursor for a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (34,5,3) is also approaching its major resistance and a reaction off this level might be a good precursor for a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
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