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JMby u/james.moreau·1moAnalysis

XAUUSD - Watching that 1980 area closely

Been looking at $XAUUSD here and it's holding just above 1980 after that recent pullback. It's an interesting spot because we've seen it act as both resistance and support several times over the past few months. If it can maintain this level, then a retest of 2000 or even higher seems plausible, especially with the dollar showing some cracks.

However, if it fails to hold 1980 and starts closing below it consistently, say a daily close under 1975, then my bullish bias for the immediate term is off. That would open the door for a move down towards the 1950s, possibly even 1930. Just keeping an eye on the candles there, no predictions, just reacting to price action.

4 comments · 6 points

4 Comments

TOu/torThailand·1mo

That's a really interesting point about 1980 acting as both resistance and support. How do you decide if it's going to hold as support this time around, or if it's more likely to break down?

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FQu/fx_quant_lee·1mo

The dollar's cracks are relative, and XAUUSD has its own set of headwinds. Maintaining 1980 seems more of a hope than a certainty given recent volatility.

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BRu/brandonlee·1mo

I'm with you on the 1980 area being key. It's almost become a psychological line in the sand for XAUUSD traders. Are you seeing any specific candlestick patterns forming around that level that might give us a clearer indication?

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PKu/pkaewkamnerd·1mo

ผมก็มอง 1980 เป็นระดับสำคัญเหมือนกันครับ ถ้าหลุดลงไปคงได้เห็นแรงเทขายเพิ่มขึ้น แต่ถ้าประคองตัวอยู่ได้ ผมว่า 2000 ก็ไม่ไกลเกินเอื้อมครับ

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