XAUUSD bounced off our first support at 1322.43 (horizontal swing low support, 76.4% Fibonacci retracement, 100% Fibonacci extension). A strong bounce might occur above this level, further pushing price up to our major resistance at 1333.75 (horizontal pullback resistance, 38.2% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic (34,5,3) is also bouncing off our major support, a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (34,5,3) is also bouncing off our major support, a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.