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XAUUSD approaching support, potential bounce!

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XAUUSD is approaching our first support at 1212.1 (Horizontal pullback support, 100% fiboancci extension, 38.2%, 50% fibonacci retracement) and a strong bounce might occur above this level pushing price up to our major resistance at 1240.0 (horizontal overlap resistance, 61.8% fiboancci extension, 38.2% fibonacci retracement).
Stochastic (89,5,3) is also approaching support and we might see a corresponding bounce in price should it bounce off this level.
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