XAU/USD bounced nicely off its support at 1,193(100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1,204 (61.8% Fibonacci retracement).

Stochastic (55, 5, 3) is bounced off its support at 5.6% where a corresponding rise could occur. XAU/USD bounced nicely off its support where we expect to see a further rise.

Buy above 1,193. Stop loss at 1186. Take profit at 1,204.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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Jeff Wecker
Jeff Wecker

Jeff Wecker, the inventor of Forex Forager, is a former member of the Chicago Board of Trade. There, Jeff learned his craft in the 30-year bond pit, trading against the world's best, and now has survived and prospered in the industry for the past 25 years. He took the unique knowledge he gained at the CBOT and transitioned it to online trading, where he traded FX, commodities, stock indices, and bonds – all using his unique 5 pip/tick risk system. Visit us at Global Fx Trading Group