FX.co ★ Gold is approaching support, potential bounce!

Description :

Price is approaching our first support, in line with our ascending trend line, 61.8% fibonacci retracement and 100% fibonacci extension where we could see a bounce above this level to our first resistance target. Stochastic and ichimoku cloud are showing signs of bullish pressure as well, in line with our bullish bias.

Trading Recommendation

Entry: 1734.18

Reason for Entry:

ascending trend line, 61.8% fibonacci retracement and 100% fibonacci extension

Take Profit: 1748.18

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1723.81

Reason for Stop Loss:

horizontal swing low support.