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HCby u/hidayat_carlo·4dAnalysis

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 · 1 points

4 Comments

MHu/milos_horvat·4d

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.

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ZOu/zofia45·4d

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.

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DDu/daytrade_deniz·3d

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.

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ESu/emilio_s·3d

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?

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