XAUUSD Bounced Off Support, Prepare For A Further Rise
Buy above 1193.
Stop loss at 1186.
Take profit at 1204.
Reason for the trading strategy (technically):
XAUUSD bounced nicely off its support at 1193(100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1204 (61.8% Fibonacci retracement).
Stochastic (55, 5, 3) is bounced off its support at 5.6% where a corresponding rise could occur.
Stop loss at 1186.
Take profit at 1204.
Reason for the trading strategy (technically):
XAUUSD bounced nicely off its support at 1193(100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1204 (61.8% Fibonacci retracement).
Stochastic (55, 5, 3) is bounced off its support at 5.6% where a corresponding rise could occur.
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