Gold approaching major resistance, potential upcoming reversal!
Gold continues to inch upwards towards major resistance at 1332 (61.8% Fibonacci extension, 78.6% Fibonacci retracement, horizontal overlap resistance) and a strong reversal could occur at this level to drive price down to 1294 support first (38.2% Fibonacci retracement, horizontal pullback support) before 1272 support (61.8% Fibonacci retracement, horizontal support).
Stochastic (34,5,3) is seeing major resistance at 99% where a potential corresponding drop could occur.
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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results