XAUUSD approaching resistance, potential drop!
XAUUSD is approaching our first resistance at 1315.07 (horizontal swing high resistance, 23.6% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 1308.61 (horizontal swing low support, 161.8% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.
RSI (89) is also seeing a bearish exit 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 (89) is also seeing a bearish exit 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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