XAUUSD is approaching our first support at 1283.93 (horizontal swing low support, 61.8% Fibonacci extension) where a strong bounce might occur above this level pushing price up to our major resistance at 1300.42 (61.8% Fibonacci retracement, 61.8% Fibonacci extension). Stochastic is also approaching support where we might see a corresponding bounce in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.