Gold's 1980 level: Key support or just a speedbump?
asked by u/iyer_rahul · 5d · 2 answers
Been watching $XAUUSD pretty closely lately, and that 1980 area is really standing out to me. We've bounced off it a few times now, which suggests there's some decent buying interest there. It feels like a pretty crucial line in the sand; if we can hold that, I'd expect us to at least try for a retest of the recent highs. But, if we get a decisive break below 1980, especially on a daily close, my whole read changes. That would imply the sellers are firmly in control, and we'd likely see an acceleration towards the next notable support around 1960. Just my two cents, obviously, things can change on a dime in this market.