XAUUSD bounced off key resistance, could possibly drop!
XAUUSD is approaching our first resistance at 1302.263(horizontal swing high resistance, 100% Fibonacci extension , 61.8% Fibonacci retracement ) where a strong drop might occur below this level pushing price down to our major support at 1266.727 (horizontal swing low support, , 61.8% Fibonacci extension ). Stochastic is also approaching resistance.
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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results