XAU/USD under bearish pressure, potential for further drop!


Trading Recommendation

Entry: 1732.96

Reason for Entry: horizontal swing high resistance, 61.8% fibonacci retracement, 78.6% fibonacci extension and descending trend line

Take Profit: 1699.76

Reason for Take Profit: 78.6% fibonacci extension, horizontal overlap support, 61.8% fibonacci retracement

Stop Loss: 1745.32

Reason for Take Profit: horizontal swing high resistance, 78.6% fibonacci retracement, 100% fibonacci extension

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