FX.co ★ XAUUSD facing bullish pressure, potential for further upside!

Prices are facing bullish pressure from ascending trendline support in line with horizontal swing low support, 61.8% Fibonacci retracement and 61.8% Fibonacci extension. Prices might push up towards horizontal swing high resistance in line with 127.2% Fibonacci extension and 78.6% Fibonacci retracement. If prices push down further, prices might take support on 2nd support in line with horizontal swing low support, 61.8% FIbonacci retracement and 100% Fibonacci extension. Stochastics is also facing bullish pressure as it approaches 27.02 support level.

Trading Recommendation

Entry: 1896.280

Reason for Entry:

Horizontal swing low support, ascending trendline support, 61.8% Fibonacci retracement, 61.8% Fibonacci extension

Take Profit: 1912.045

Reason for Take Profit:

Horizontal swing high resistance, 127.2% Fibonacci extension, 78.6% Fibonacci retracement

Stop Loss: 1887.970

Reason for Stop Loss:

Horizontal swing low support, 100% Fibonacci extension, 61.8% Fibonacci retracement