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11.12.2018 06:29 AM
XAU/USD Approaching Support, Prepare For A Bounce

XAU/USD is approaching its support at 1230 (100% Fibonacci extension, 50% & 38.2% Fibonacci retracement, horizontal pullback support) where it could potentially bounce to its resistance at 1249 (horizontal swing high resistance).

Stochastic (34, 5, 3) is approaching its support at 6.6% where a corresponding bounce could occur.

XAU/USD is approaching its support where we expect to see a bounce.

Buy above 1230. Stop loss at 1216. Take profit at 1249.

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Dean Leo,
Analytical expert of InstaForex
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