FX.co ★ XAU/USD approaching support, potential bounce!

XAUUSD is approaching the first support at 1275.34 (horizontal swing low support, 38.2% Fibonacci retracement , 100% Fibonacci extension) where a strong bounce might occur above this level pushing price up to the major resistance at 1308.70 (horizontal swing high resistance, 50% Fibonacci retracement).

Stochastic is also approaching support where a corresponding bounce in price might be seen.

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