XAUUSD approaching its resistance, potential to drop!
XAUUSD approaching its resistance at 1339 (61.8% Fibonacci retracement, horizontal swing high resistance) where a potential reaction could occur, causing price to fall to its 1st support at 1319 (61.8% Fibonacci extension horizontal overlap support). If it breaks past this level, it could potentially fall to its next support at 1305 (61.8^ Fibonacci extension, 100% Fibonacci extension, horizontal pullback support). We have also identified another resistance at 1361 (horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding reaction could occur.
Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding reaction could occur.
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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.