FX.co ★ XAUUSD is testing support, potential for further rise!

Price is testing our first support in line with our horizontal swing low support, 61.8% fibonacci retracement and 127.2% fibonacci extension where we could see a bounce above this level to our first resistance level. Stochastic is approaching support as well, where we could see a bounce above this level, in line with our bullish bias.

Trading Recommendation

Entry: 1693.85

Reason for Entry:

Horizontal overlap support, 78.6% fibonacci retracement and 78.6% fibonacci extension

Take Profit: 1723.38

Reason for Take Profit:

horizontal pullback resistance, 61.8% fibonacci extension and 50% fibonacci retracement

Stop Loss: 1674.73

Reason for Stop Loss:

127.2% fibonacci extension, horizontal swing low support