Tickmill
Short

Gold reversed strongly, watch for break of major support

FX:XAUUSD   Gold / US-Dollar
Gold             tested our major resistance and reversed perfectly from 1361 ( ABC Fibonacci extension , horizontal swing high resistance) pushing price all the way down to our 1344 support ( Fibonacci retracement , horizontal pullback support) as expected before bouncing up. This remains the key support to be broken before potentially another drop to 1325 support ( Fibonacci retracement , horizontal swing low support).

Stochastic (55,5,3) is seeing major resistance at 99% where a corresponding reaction has occurred. Next major support is at 49% which needs to be broken to trigger a bigger bearish drop.

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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This analysis is provided as general market commentary and does not constitute investment advice.
Thanks , your analysis makes a lot of sense.
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