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PLby u/ploysukprasert·8dAnalysis

Gold — the 2300 conundrum for XAUUSD

Watching $XAUUSD closely around the $2300 level. It's been a tough nut to crack on any sustained break above, almost like the market's got a mental block there. I'm seeing a potential for a double top if we reject hard again, but on the flip side, a clean break and hold above 2305-2310 on decent volume could signal a much larger move higher. The risk to my bearish bias on a rejection is obviously a strong sustained push above 2310, which would invalidate the double top scenario and likely bring in more buyers. With $USDCAD trading at 1.40225, the dollar strength isn't exactly helping gold, but it's not hurting it enough to send it tumbling either. The sideways action is getting a bit long in the tooth, feels like something big is brewing, just not sure which way it'll pop.

1 comments · 1 points

1 Comments

GWu/greta_walsh·7d

That 2300 level is definitely proving sticky. Are you factoring in any DXY movements or just focusing on the XAUUSD chart mechanics?

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