FX.co ★ XAU/USD Bounced Off Support, Prepare For A Further Rise

XAU/USD bounced nicely off its support at 1,193(100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1,204 (61.8% Fibonacci retracement).

Stochastic (55, 5, 3) is bounced off its support at 5.6% where a corresponding rise could occur.

XAU/USD bounced nicely off its support where we expect to see a further rise.

Buy above 1,193. Stop loss at 1186. Take profit at 1,204.