FX.co ★ XAU/USD Approaching Support, Prepare For A Bounce

XAU/USD is approaching its support at 1230 (100% Fibonacci extension, 50% & 38.2% Fibonacci retracement, horizontal pullback support) where it could potentially bounce to its resistance at 1249 (horizontal swing high resistance).

Stochastic (34, 5, 3) is approaching its support at 6.6% where a corresponding bounce could occur.

XAU/USD is approaching its support where we expect to see a bounce.

Buy above 1230. Stop loss at 1216. Take profit at 1249.