FX.co ★ XAUUSD approaching 1st resistance, potential for reversal!

Description :

Price is approaching 1st resistance, in line with 61.8%, 161.8% Fibonacci retracement, 50% Fibonacci extension and horizontal swing high resistance. We could see a reversal and further downside towards 1st support, in line with 61.8%, 161.8% FIbonacci extension and horizontal swing low support. Stochastics is also testing resistance where price has reversed at before, showing signs of bearish pressure.

Trading Recommendation

Entry: 1774.48

Reason for Entry:

61.8%, 161.8% Fibonacci retracement, 50% Fibonacci extension and horizontal swing high resistance

Take Profit: 1753.42

Reason for Take Profit:

61.8%, 161.8% FIbonacci extension and horizontal swing low support

Stop Loss: 1785.78

Reason for Stop Loss:

100% Fibonacci extension and horizontal swing high resistance