XAUUSD approaching resistance, potential drop!
XAUUSD is approaching our first resistance at 1197 (horizontal pullback resistance, 61.8% Fibonacci extension, 23.6% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 1193 (horizontal overlap support, 100%, 61.8% Fibonacci extension, 50% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (34) 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
RSI (34) 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
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