Nice idea on XAUUSD and there may be bearish bias as you have identified. The resistance that we have identified is at 1239.78, which lies just below the resistance level that you have identified. It is a horizontal overlap resistance with 61.8% Fibonacci extension, 38.2% Fibonacci retracement. Stochastic is approaching its resistance at 95% where a corresponding reversal could occur. If a corresponding reversal does occur, we may want to look at the 1220.38 support level. It is a horizontal swing low support with 61.8% Fibonacci extension and 38.2% Fibonacci retracement. Looking forward to seeing how things develop.
Please have a look at our idea and share with us what you think.
Please have a look at our idea and share with us what you think.