XAUUSD is testing its resistance, potential for a drop!
XAUUSD is testing its resistance at 1339 (61.8% Fibonacci retracement, horizontal swing high resistance) where a reaction could occur, causing price to fall to its 1st support at 1326 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap support). If it breaks past this level, it could fall to its 2nd support at 1319 (61.8% Fibonacci extension, horizontal overlap support). We have also identified another resistance at 1344 (100% Fibonacci extension, 61.8% Fibonacci extension, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding reaction could occur.
Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding reaction could occur.
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