XAUUSD bouncing from 1st support, further rise expected !

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XAUUSD bouncing from 1st support,  further rise expected !

XAUUSD bouncing from 1st support, further rise expected !

XAUUSD bouncing from 1st support,  further rise expected !

Price is facing bullish pressure from our first support, in line with our 38.2% fibonacci retracement and horizontal overlap support where we could

see a further bounce above this level. Both the Ichimoku cloud and 20 period EMA are showing signs of bullish pressure .

Trading Recommendation

Entry: 1882.29

Reason for Entry:

38.2% fib retracement

Take Profit: 1916.33

50% fib retracement

Stop Loss: 1849.64

Reason for Stop Loss:

Horizontal swing low

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.mt5.com/forex_analysis/quickview/189949/