XAUUSD approaching support, potential rise!

12 Nis 2018

XAUUSD is approaching our first support at 1348.30 (horizontal overlap support, 38.2% Fibonacci retracement, 61.8% Fibonacci extension). A strong bounce might occur above this level, pushing price up to our major resistance at 1361.88 (horizontal swing high resistance, 100% Fibonacci extension). Ichimoku cloud is also showing signs of bullish pressure, in line with our bullish bias.

RSI (34) is also approaching ascending support line and a bounce off this level might be a good precursor for a potential rise in price.
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