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Gold on major support, prepare for a bounce

XAUUSD
Jan. 18, 2018, 04:31

Buy above 1326. Stop loss at 1321. Take profit at 1332.

Reason for the trading strategy (technically):

Price is testing major support at 1326 (Fibonacci retracement, horizontal overlap support, bullish harmonic formation) and a strong bounce could occur at this level to push price up to at least 1332 resistance (Fibonacci retracement, horizontal pullback resistance).

Stochastic (34,5,3) is seeing major support above 7.9% where a corresponding bounce could occur.

Economic Calendar

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