XAUUSD approaching resistance, potential drop!

XAUUSD is approaching our first resistance at 1288 (horizontal pullback resistance, 100% fibonacci extension, 61.8% fibonacci retracement) and a strong drop might occur pushing price down to our major support at 1266 (horizontal pullback support, 23.6% fibonacci retracement).
Stochastic (34,5,3) is also approaching resistance and we might see a corresponding drop in price should it react off this level.
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Chart PatternsForexforexsignalforextradingHarmonic PatternsTrend AnalysisUSDXAUXAUUSDxauusdlongxauusdshort

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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