XAUUSD (Gold) testing major support, potential for a nice bounce

XAUUSD (Gold) is testing major support at 1286.39 (Multiple Fibonacci extensions, Fibonacci retracement, bullish price action, bullish divergence) and a strong bounce could occur at this level to push price up to its first major resistance at 1302.80 (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance).

Stochastic (55,5,3) is seeing major support above 4.3% where a corresponding bounce could occur. We are also seeing strong bullish divergence vs price signalling that a bounce could be impending.

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