Gold's Stubborn Resistance at $2350, A Range Play?
Anyone else finding $XAUUSD a particularly uncooperative beast around the $2350 mark lately? It feels like we've tested that level multiple times over the last week or two, and each time it just knocks its head and retreats. It's not a hard rejection, more of a polite, firm 'no thank you' each time. My charts are showing a pretty clear range developing between, let's say, $2310 on the downside and $2350 on the upside. It's almost too neat, which always makes me a little suspicious.
I'm watching for a convincing break of either of those boundaries to signal the next move. A sustained close above $2355 or so would, for me, invalidate the range-bound thesis and suggest a push towards $2370-$2380. On the flip side, a clear break below $2305 would likely see us testing the $2280s. Until then, it's a bit of a grind, isn't it? Patience is a virtue, they say, and right now, it's also a necessity if you're looking at gold.
I'm seeing something similar. It really does seem like $2350 is a ceiling for now, and the pullbacks have been consistent. Maybe it's consolidating before a bigger move, but the range play argument makes a lot of sense given the current sideways action.