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.
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