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XAUUSD approaching a crucial weekly resistance, something to watch
Been looking at $XAUUSD for a bit now, and we're definitely nearing that 2380-2400 zone again. This area has held up strong on the weekly chart multiple times. Each time we've tagged it, there's been a pretty swift rejection. I'm not saying it won't break, but I'd be looking for clear signs of demand above 2400 before getting too bullish. Below that, I anticipate another potential retracement.
The invalidation for a bearish scenario here would be a sustained close above 2400, ideally on higher volume. Anything short of that, and I'd consider this just another test of overhead supply. Could be a good place for some to trim positions if they've been long from lower, or at least tighten stops. Just my two cents, always could be wrong.
1 comments · 1 points
Agree, that 2380-2400 zone has been a consistent wall. I'm also watching how price reacts if we get a quick retest. Any thoughts on the volume profile around that area?