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GVby u/giulia_vermeulen·8dAnalysis

XAUUSD approaching a familiar confluence

Watching $XAUUSD closely here. We're nudging a significant resistance zone around 1980-1985 again. This level has been a sticking point multiple times over the past few months, marked by both horizontal resistance and what appears to be a descending trendline from the late-2023 highs. A clean break and hold above 1985, ideally on decent volume, would shift my bias considerably towards a retest of 2000+. However, a rejection from this zone, especially if accompanied by a strong move back towards 1960, would suggest further consolidation or a deeper pullback is on the cards. The risk, for me, is if we breach 1985 only to fail swiftly, trapping early long entries.

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TAu/takeshitanaka·8d

I've also got that 1980-1985 zone flagged. The confluence with the descending trendline definitely adds weight. Are you seeing any specific reversal candlestick patterns forming on lower timeframes as it approaches, or just waiting for the clean break?

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