XAU/USD approaching support, potential bounce!

XAUUSD is approaching our first support at 1275.34 (horizontal swing low support, 38.2% Fibonacci retracement , 100% Fibonacci extension ) where a strong bounce might occur above this level pushing price up to our major resistance at 1308.70 (horizontal swing high resistance, 50% Fibonacci retracement ).

Stochastic is also approaching support where we might see a corresponding bounce in price.

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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The material has been provided by InstaForex Company - www.instaforex.com

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