XAUUSD approaching resistance, potential drop!
XAUUSD is approaching our first resistance at 1306.62 (horizontal overlap resistance, 61.8% Fibonacci retracement, 61.8%, 100% Fibonacci extension). A strong reaction might occur below this level pushing price down to our major support at 1282.10 (horizontal swing low support).
RSI (55) is also testing our long-term descending resistance line and is seeing a short squeeze where a reaction off this level and a breakout below our short term ascending support line would provide the bearish acceleration to our major support target.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (55) is also testing our long-term descending resistance line and is seeing a short squeeze where a reaction off this level and a breakout below our short term ascending support line would provide the bearish acceleration to our major support target.
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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