XAUUSD has made a slight breakout of its ascending support line. If it breaks past its 1st support at 1297 (38.2% Fibonacci retracement, horizontal overlap support), it could be a confirmation of a further move downwards to its major support at 1288 (76.4% Fibonacci retracement, horizontal swing low support). RSI (34) is being held up by the same ascending support line where a break out could contribute to our bearish bias.
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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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