XAU/USD is approaching its support at 1298.44 (61.8% & 100% Fibonacci extension, 50% Fibonacci retracement, horizontal pullback support) where it could potentially bounce to its resistance at 1308.68 (38.2% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching its support at 4% where a corresponding bounce could occur.
XAU/USD is approaching its support where we expect to see a bounce.
Buy above 1298.44. Stop loss at 1291.79. Take profit at 1308.68.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.