FX.co ★ XAU/USD at major resistance, time to sell

We turn bearish below $1,198 resistance (Fibonacci retracement, horizontal resistance) as we prepare to see a strong move down to $1,176 support (Fibonacci retracement, recent swing low support, Fibonacci projection).Stochastic (21,5,3) is seeing strong resistance below 92% and we also are starting to see the bearish exit of stochastic signalling a strong drop is expected soon.

Sell below $1,198. Stop loss at $1,205. Take profit at $1,176.