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XAUUSD - Thoughts on the 2030 area
Been watching XAUUSD pretty closely lately, and that 2030 area continues to be a sticking point. We've seen a few attempts to break cleanly above it, and each time it seems to attract sellers. It's not a hard resistance line, more of a zone, but the market's reaction there has been consistent enough to pay attention to.
The downside risk, for me, would be a sustained break and hold below the 2000 mark. If that gives way, the next support looks to be closer to 1980, which would suggest the current consolidation is over and we're looking at a deeper correction. Until then, it's a grind.
3 comments · 6 points
I'm seeing similar action around 2030 for XAUUSD. It does feel more like a psychological barrier than a technical one, but the market's respecting it. Are you considering a scalp short if we get another rejection there, or waiting for a clearer break?