XAUUSD Approaching Support, Prepare For A Bounce
Buy above 1193.
Stop loss at 1188.
Take profit at 1199.
Reason for the trading strategy (technically):
XAUUSD is approaching its support at 1193 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1199 (61.8% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is bounced off its support at 5.04% where a corresponding bounce could occur.
Stop loss at 1188.
Take profit at 1199.
Reason for the trading strategy (technically):
XAUUSD is approaching its support at 1193 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1199 (61.8% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is bounced off its support at 5.04% where a corresponding bounce could occur.
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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.