XAUUSD is approaching our first resistance at 1197(horizontal pullback resistance, 61.8% Fibonacci extension, 23.6% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 1193 (horizontal overlap support, 100%, 61.8% Fibonacci extension, 50% Fibonacci retracement). Ichimokucloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (34) is also approaching resistance and we might see a corresponding drop in price.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.