XAUUSD is approaching our first support at 1218.62 (Horizontal swing low support, 100% Fibonacci extension, 76.4% Fibonacci retracement) where a strong bounce might occur above this level pushing price up to our major resistance at 1238.35 (horizontal pullback resistance, 50% Fibonacci retracement, 100% Fibonacci extension). A breakout above our intermediate resistance level at 1233.26 (horizontal swing high resistance, 61.8% Fibonacci extension, 38.2% Fibonacci retracement) might provide the bullish acceleration to our major resistance target.
Stochastic (55,5,3) is also approaching support and a bounce off this level might see a corresponding rise in price.
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