XAUUSD testing support, potential rise!
Price is testing our first support at 1307.36 (horizontal overlap resistance). A strong bounce might occur above this level, pushing price up to our major resistance at 1325.27 (horizontal swing high resistance, 100% Fibonacci extension, 38.2% Fibonacci retracement, Elliot wave structure). A breakout above our intermediate resistance at 1320.60 (horizontal overlap resistance) might provide the bullish acceleration to our major resistance level.
Stochastic (55,5,3) is also seeing a bullish divergence and is bouncing off our major support which might be a good precursor for a potential rise in price.
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Stochastic (55,5,3) is also seeing a bullish divergence and is bouncing off our major support which might be a good precursor for a potential rise in price.
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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