FX.co ★ XAUUSD is facing bearish pressure, potential for pullback!

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