XAUUSD is facing bearish pressure from its first resistance at 1844.950, in line with the 127.2% fibonacci extension level as well as 61.8% fibonacci retracement level. Prices could reverse towards the first support level where the 100% fibonacci extension is. Stochastics is also showing bearish pressure as it is approaching the 90.89 level where it has reacted from before
Trading Recommendation
Entry: 1844.950
Reason for Entry:
61.8% fibonacci retracement level, horizontal swing high resistance, 127.2% fibonacci extension
Take Profit: 1785.020
Reason for Take Profit:
100% fibonacci extension level, horizontal swing low support
Stop Loss: 1871.890
Reason for Stop Loss:
Horizontal swing high resistance