XAUUSD testing support, potential bounce!

XAUUSD is testing our first support at 1322.43 (horizontal swing low support, 76.4% Fibonacci retracement, 100% Fibonacci extension). A strong bounce might occur above this level, pushing price up to our major resistance at 1333.75 (horizontal pullback resistance, 38.2% Fibonacci retracement, 61.8% Fibonacci extension).

Stochastic (34,5,3) is also approaching our major support and a bounce off this level might be a good precursor for a potential rise in price.

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