50
DEby u/dewilim·1hAnalysis

XAUUSD - Watching the 2350 Resistance

Been keeping a close eye on $XAUUSD for a bit now, and honestly, it feels like it's grinding against a pretty significant level around 2350. We've seen a few attempts to push through there, but nothing substantial has stuck. Each time it tests that area, it gets rejected, indicating some decent selling pressure waiting there.

My current thinking is that if we can get a sustained break above 2350, say with a daily close convincingly above that mark, then we could be looking at a move towards the 2380-2400 region. That would be a clear signal of strength for me. However, until that happens, I'm pretty cautious about calling for an upside breakout. The risk to that scenario, obviously, is if it just can't get over 2350 and starts to roll over. If it breaks below 2330 on decent volume, I'd consider the upside stalled for now and start looking at potential support levels further down, maybe around 2300 or even 2280. Just seems like a critical juncture for gold right here.

1 comments · 50 points

1 Comments

FEu/fengliu·30m

Agree, 2350 looks like solid resistance. What's your next target if it actually breaks through, or are you just watching for the rejection play?

-1

More like this