XAUUSD is approaching our first resistance at 1302.263(horizontal swing high resistance, 100% Fibonacci extension , 61.8% Fibonacci retracement ) where a strong drop might occur below this level pushing price down to our major support at 1266.727 (horizontal swing low support, , 61.8% Fibonacci extension ). Stochastic is also approaching resistance. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.