XAUUSD approaching resistance, potential drop!
Price is approaching our first resistance at 1325.87 (horizontal swing high resistance, 38.2% Fibonacci retracement, 100% Fibonacci extension) and a strong drop might occur below this level, pushing price down to our major support at 1302.72 (horizontal swing low support).
Stochastic(89,5,3) is also approaching our major resistance where 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(89,5,3) is also approaching our major resistance where 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
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results