FX.co ★ XAU/USD testing major resistance, remain bearish

We remain bearish below major resistance at $1,183 (Fibonacci retracement, Fibonacci projection, horizontal overlap resistance). The price can decline further to the support at $1,160 (Fibonacci retracement, horizontal overlap support).

Stochastic (34,5,3) continues to drop from our 88% resistance and has good downside potential.

Sell below $1,183. Set stop loss at $1,200 and take profit at $1,160.