XAUUSD approaching support, potential rise!

XAUUSD is approaching our first support at 1328.73 (horizontal overlap support, 76.4% Fibonacci retracement) which coincides with our short term ascending support line. A strong bounce might occur above this level, pushing price up to our major resistance at 1340.80 (61.8% Fibonacci retracement, 61.8% Fibonacci extension).

Stochastic (21,5,3) is also approaching our major support and a bounce off this level might be a good precursor of a potential rise in price.

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