FX.co ★ XAU/USD approaching key resistance, potential reversal!

Price is facing bearish pressure from the first resistance where we can expect a drop below this level to the first support level. Stochastic is approaching resistance as well.

Entry : 1282.78

Why it's good : horizontal pullback resistance, 38.2% fibonacci retracement, 61.8% Fibonacci extension

Stop Loss : 1288.97

Why it's good : horizontal pullback resistance, 50% fibonacci retracement

Take Profit : 1266.66

Why it's good : horizontal swing low support, 61.8% fibonacci extension