XAUUSD approaching resistance, potential drop!

XAUUSD is approaching our first resistance at 1240.55 (horizontal pullback resistance, 38.2% Fibonacci retracement, 61.8%, 100% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 1209.50 (horizontal pullback support, 38.2%, 50% Fibonacci retracement).
Stochastic (89,5,3) is also approaching our resistance and we might see a corresponding drop in price should it react off this level.
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