XAUUSD approaching resistance, potential drop!

2018년 5월 14일

XAUUSD is approaching our first resistance at 1325.87 (horizontal swing high resistance, 100% Fibonacci extension, 38.2% Fibonacci retracement) which coincides with our short term descending resistance line. A strong reaction might occur below this level, pushing price down to our major support at 1302.72 (horizontal swing low support, 161.8% Fibonacci retracement). A breakout below our intermediate support at 1317.34 (horizontal overlap support, 38.2% Fibonacci retracement) might provide the bearish acceleration to our major support target.
Stochastic (89,5,3) is also approaching our major resistance and a reaction off this level might be a good precursor for a potential drop in price.
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