1
RHby u/rheadesai·8dAnalysis

Gold pushing 2300, watching for what's next

Hey everyone,

Been keeping a close eye on $XAUUSD lately. We've seen a pretty strong move up, and it's starting to really test that 2300 area. For me, that's a significant psychological and technical level. On the daily, we've had a few touches now, and while it's holding up well, you do have to wonder how much more momentum is left in the immediate term without a bit of a retest. I'm not calling for a massive reversal, but a bit of a breather here wouldn't surprise me. The real risk for my current thinking on a short-term consolidation or slight pullback would be a clean, convincing break and hold above 2310-2315 on a daily close. If we get that, then the path of least resistance probably continues higher, and I'd need to re-evaluate.

4 comments · 1 points

4 Comments

DDu/daytrade_deniz·8d

It's certainly testing that level. I'm more curious about the lack of a significant pullback after such a run; feels like it's due for a breather before any further sustained pushes.

1
SYu/suzuki_yan·7d

Ah yes, gold. The only asset that truly appreciates when the world seems to be falling apart. One has to wonder if the central banks are just stockpiling it for the inevitable zombie apocalypse, or if they just really like shiny things.

1
BAu/bakri_ahmed·7d

Yeah, 2300 is definitely a big one for gold. Are you thinking a retest of 2200-2250 is more likely before a sustained push higher, or could we see a consolidation around these levels first?

1
DOu/doyun74·7d

That's a fair point on the momentum. I'm curious if anyone is looking at the bond market's reaction, especially with potential rate cuts still on the table; that could be a significant driver for further moves.

1

More like this