XAUUSD approaching its resistance, potential to drop!
XAUUSD approaching resistance at 1355 (100% Fibonacci extension, Elliot wave structure) where a reaction could occur, causing price to drop it its 1st support at 1344 (100% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap support). If it breaks past this level, it could fall to its next support at 1336 (61.8% Fibonacci extension, 38.2% Fibonacci retracement). We have also identified another resistance at 1361 (100% Fibonacci extension, 61.8% Fibonacci extension, Elliot wave structure).
Stochastic (89, 5, 3) is approaching its resistance at 97% where a corresponding reaction could occur.
Stochastic (89, 5, 3) is approaching its resistance at 97% where a corresponding reaction could occur.
Trade closed: target reached
dropped beautifully to our support! hope you guys got in on this trade!
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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.