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XAUUSD approaching resistance, potential drop!
XAUUSD is approaching our first resistance at 1301.45 (horizontal pullback resistance) and a strong reaction might occur below this level, pushing price down to our major support at 1288.55 (horizontal swing low support, 76.4% Fibonacci retracement). A breakout below our intermediate support at 1297.49 (horizontal overlap support) might provide the bearish acceleration to our major support level.
RSI is also seeing a bearish exit and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI is also seeing a bearish exit and we might see a corresponding drop 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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