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XAUUSD breaking out of ascending support line, potential drop!
XAUUSD has made a slight breakout of its ascending support line. If it breaks past its 1st support at 1297 (38.2% Fibonacci retracement, horizontal overlap support), it could be a confirmation of a further move downwards to its major support at 1288 (76.4% Fibonacci retracement, horizontal swing low support).
RSI (34) is being held up by the same ascending support line where a break out could contribute to our bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (34) is being held up by the same ascending support line where a break out could contribute to our bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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