XAU/USD above major support, remain bullish

Price is right above major support at 1170.96 (Fibonacci projection, horizontal swing low support) where we expect a bounce from towards 1,180.83 (Fibonacci retracement, horizontal pullback resistance).

Stochastic (21,5,3) is seeing major support at 8% too.

Buy above 1,170.96. Stop loss at 1166.51. Take profit at 1,180.83.

The material has been provided by InstaForex Company - www.instaforex.com

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