Thoughts on Gold's Recent Push – $XAUUSD
Been watching $XAUUSD with keen interest these past few weeks, and it's certainly had a decent run. After breaking through that psychological $2300 level, we've seen it consolidate a bit, but the underlying bid seems pretty firm.
From a technical standpoint, I'm looking at the area around $2360-$2365 as a key short-term resistance. We've tagged it a couple of times and pulled back, suggesting there's some profit-taking or supply coming in there. If we can get a sustained close above that, I think the path opens up towards $2400. However, if it fails to clear $2365 convincingly and starts drifting back, I'd be looking for a retest of $2330-$2335. A daily close below $2320 would certainly dampen my enthusiasm for the bullish momentum in the immediate term, signaling a potential deeper correction. Just my two cents, always room to be wrong with these things.
The sustained bid is interesting, but hitting resistance multiple times usually points to a top rather than a breakout. Volume on these attempts would be a telling factor.