XAUUSD reacted off our resistance, further potential drop!

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XAUUSD reacted off our first resistance at 1348.66 (horizontal overlap resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension). A strong drop might occur below this level, pushing price down to our major support at 1332.49 (horizontal swing low support, 61.8% Fibonacci extension, 76.4% Fibonacci retracement).

Stochastic (34,5,3) has also reacted off our major resistance which might be a good precursor for a potential drop in price.

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