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XAUUSD facing bullish pressure, potential for further upside!

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Prices are facing bullish pressure as prices are taking support from horizontal pullback support in line with 61.8% Fibonacci retracement and 161.8% Fibonacci extension. Prices might push up towards 1st resistance in line with -27.2% Fibonacci retracement and 100% Fibonacci extension fibonacci confluence zone. If prices fall through 1st support, prices might take support on 2nd support in line with50% Fibonacci retracement and 78.6% Fibonacci extension. EMA is also below prices, showing a bullish pressure for prices.

Trading Recommendation

Entry: 1855.440

Reason for Entry:

Horizontal pullback support, 61.8% Fibonacci retracement, 161.8% Fibonacci extension

Take Profit: 1880.688

Reason for Take Profit:

-27.2% Fibonacci retracement, 100% Fibonacci extension

Stop Loss: 1844.105

Reason for Stop Loss:

Horizontal swing low support, 50% Fibonacci retracement, 78.6% Fibonacci extension

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