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Gold pushing 2300, watching for follow through or rejection
It's interesting to see $XAUUSD pressing up against the 2300 level again. We've seen a few attempts to establish a firm break above this in recent weeks, but it's largely held as resistance, at least on daily closes. If we can get a convincing close above 2300 and hold it, the path to 2320-2330 looks open; however, a failure to sustain momentum here, perhaps a false break, and a rejection back towards 2280 could indicate a period of consolidation. My risk on this idea would be a sharp drop below 2280 on significant volume, which would suggest a deeper pullback is in the cards.
2 comments · 1 points
2300 has been a wall. If it can't hold, we're likely looking at a drop back to the 2280 area, maybe lower. I wouldn't rush into a long position here without solid confirmation.