XAU/USD approaching major resistance, prepare to sell

By | November 16, 2016

Price is approaching a major resistance level at 1242.59 (Fibonacci retracement, horizontal pullback resistance) and we expect a reaction off this level for a further drop to 1211.48.

RSI (34) is also seeing major resistance above it which would coincide with the reversal we’re expecting.

Sell below 1242.59. Stop loss at 1261.23. Take profit at 1211.48

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

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