XAU/USD Approaching Resistance, Prepare For Reversal

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XAU/USD is approaching its resistance at 1316.81 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it is expected to reverse down to its support at 1311.71 (38.2% Fibonacci retracement, horizontal pullback support).

Stochastic (89, 5, 3) is nearing its resistance at 98% where a corresponding reversal is anticipated.

XAU/USD is approaching its resistance where we expect to see a reversal.

Sell below 1316.81. Stop loss at 1320.97. Take profit at 1311.71.

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

Source:: XAU/USD Approaching Resistance, Prepare For Reversal

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