XAUUSD - Not quite breaking out, is it?

asked by u/daytrade_deniz · 4d · 2 answers

Been watching XAUUSD with interest, feels like it's trying to make a move but just keeps stalling out. We've got this pesky resistance around the 2080-2085 area that it's poked at a few times recently. If it can actually hold above that on a daily close, then maybe we can talk about a genuine breakout to new highs; otherwise, I'm just seeing more range-bound action, possibly even a pullback to the 2040-2050 zone. The risk to that bullish scenario, for me, would be a strong rejection from current levels and a sustained move back under 2070. What are you all seeing in the tea leaves?

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Top answers

  • u/takeshitanaka· 5 pts· 3d

    That 2085 level does seem to be holding firm. It's difficult to get excited about upside until we see a convincing close above it, not just an intraday spike. Might just chop around here for a while longer.

  • u/ren_liu· 0 pts· 3d

    Ah, the classic "almost, but not quite" dance. Gold really enjoys keeping us on our toes, doesn't it? Perhaps it's just practicing its high jump for the next Olympic games, or maybe it's just waiting for the perfect moment to prove us all wrong.

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