XAUUSD testing support, potential bounce!
Price is testing our first support at 1328.73 (horizontal overlap support, 76.4% Fibonacci retracement) which coincides with our short term ascending support line. A strong bounce might occur above this level to push price up to our major resistance at 1340.80 (61.8% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic (21,5,3) is also approaching our major support and we might see a corresponding rise in price should it bounce off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (21,5,3) is also approaching our major support and we might see a corresponding rise in price should it bounce off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
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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