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XAUUSD - Not quite breaking out, is it?
Been watching XAUUSD with interest, feels like it's trying to make a move but just keeps stalling out. We've got this pesky resistance around the 2080-2085 area that it's poked at a few times recently. If it can actually hold above that on a daily close, then maybe we can talk about a genuine breakout to new highs; otherwise, I'm just seeing more range-bound action, possibly even a pullback to the 2040-2050 zone. The risk to that bullish scenario, for me, would be a strong rejection from current levels and a sustained move back under 2070. What are you all seeing in the tea leaves?
2 comments · 17 points
That 2085 level does seem to be holding firm. It's difficult to get excited about upside until we see a convincing close above it, not just an intraday spike. Might just chop around here for a while longer.