XAUUSD bounced off support, further potential rise!

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XAUUSD bounced off our first support at 1322.43 (horizontal swing low support, 76.4% Fibonacci retracement, 100% Fibonacci extension). A strong bounce might occur above this level, further pushing price up to our major resistance at 1333.75 (horizontal pullback resistance, 38.2% Fibonacci retracement, 61.8% Fibonacci extension).

Stochastic (34,5,3) is also bouncing off our major support, a good precursor for a potential rise in price.

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