Gold approaching strong resistance, keep an eye on it!

Gold is seeing major resistance from the 1261 to 1265 area (23.6% Fibonacci retracement, 38.2% Fibonacci retracement, 61.8% Fibonacci extension, Horizontal pullback resistance) and seems set up for a strong reaction. The next major resistance would be at 1272 (Fibonacci retracement, Horizontal breakout level) and the next major support would be at 1237 (Fibonacci extension, horizontal swing low support).

Stochastic (34,5,3) is also seeing major resistance below the 96% level where a corresponding reaction could occur.

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