XAUUSD approaching resistance, potential drop!

XAUUSD is approaching our first resistance at 1298.56 (horizontal pullback resistance, 38.2% Fibonacci retracement, 61.8% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 1283.81 (horizontal swing low support).
Stochastic (34,5,3) is also approaching resistance where we might see a corresponding drop in price.
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