XAUUSD approaching first resistance, potential drop!
XAUUSD is approaching our first resistance at 1317.76 (horizontal overlap resistance, breakout level, 38.2% Fibonacci retracement) which coincides with our short term descending resistance line. A strong reaction might occur below this level, pushing price down to our major support at 1302.72 (horizonal swing low support, 161.8% Fibonacci retracement).
RSI (34) 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 (34) 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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