XAUUSD approaching its resistance, potential to drop!

Mar 27, 2018

XAUUSD approaching resistance at 1355 (100% Fibonacci extension, Elliot wave structure) where a reaction could occur, causing price to drop it its 1st support at 1344 (100% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap support). If it breaks past this level, it could fall to its next support at 1336 (61.8% Fibonacci extension, 38.2% Fibonacci retracement). We have also identified another resistance at 1361 (100% Fibonacci extension, 61.8% Fibonacci extension, Elliot wave structure).
Stochastic (89, 5, 3) is approaching its resistance at 97% where a corresponding reaction could occur.

Mar 28, 2018

Trade closed: target reached

dropped beautifully to our support! hope you guys got in on this trade!