XAUUSD approaching support, potential bounce!
XAUUSD is approaching our first support at 1211.39 (horizontal pullback support 23.6% Fibonacci retracement, 61.8% Fibonacci extension) and a strong bounce might occur above this level pushing price up to our major resistance at 1238.09 (horizontal pullback resistance, 38.2% Fibonacci retracement). Ichimoku cloud is also showing signs of bullish pressure in and RSI (55) is seeing a bullish exit where we might see a corresponding rise in price.
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Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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