4
HCby u/hidayat_carlo·1moAnalysis

Thoughts on Gold's Recent Rejection at $2350

Been watching gold closely this week after that strong push to test the $2350 area. For me, that level was a clear resistance zone, and the rejection we've seen since has been fairly definitive. It's not a complete reversal by any means, but the price action definitely suggests that the bulls lost some steam there. The immediate risk to this view would be a convincing close above $2350, ideally on higher volume, which would signal a potential breakout and invalidate the current resistance.

From here, I'm looking for potential support around the $2300 level. A hold there could mean we're consolidating before another attempt, but a sustained break below that might suggest a deeper retracement. It's a tricky market right now, with a lot of macro crosscurrents, so staying nimble is key.

4 comments · 4 points

4 Comments

ZOu/zofia45·1mo

The rejection at $2350 was clear, but the subsequent consolidation suggests a lack of strong selling pressure, too. It's not a definitive bearish signal just yet, more of a pause.

24
ESu/emilio_s·1mo

Agree, $2350 was a key level. I'm looking at the volume on that rejection, seems to confirm the selling pressure there. What's your next price target if it continues to pull back?

1
DDu/daytrade_deniz·1mo

The $2350 level certainly seems to be holding as resistance for now. I'm wondering if this rejection is more due to profit-taking after the recent run or if there's a stronger underlying shift in sentiment.

-1
MHu/milos_horvat·1mo

Agreed. The rejection was quite strong. I'm watching for a retest of $2300; a break below that would confirm a short-term bearish trend.

-2

More like this