XAUUSD (gold) is approaching a must-hold area for bulls.
I mentioned it in yesterday’s video, but $1,680 is a confluence of support.
It’s the intersection of a key horizontal level, descending channel support, and the 61.8% Fibonacci of the 2020 to 2021 range.
Here’s how all of that looks on the chart:
If XAUUSD has any chance of turning this multi-month pullback into a bullish continuation, it will happen at $1,680.
I wouldn’t want to see a daily close below this area.
If that were to occur, we could see gold trend even lower, perhaps toward the $1,600 area.
But as of now, I like the idea of a bounce from the $1,680 region.
As I wrote yesterday, the next key resistance for XAUUSD is $1,760.
You can see how this area supported gold in December and again in February.
A close above that would open the door to the channel top near $1,850.
That said, XAUUSD buyers have to defend $1,680 first.
I mentioned it in yesterday’s video, but $1,680 is a confluence of support.
It’s the intersection of a key horizontal level, descending channel support, and the 61.8% Fibonacci of the 2020 to 2021 range.
Here’s how all of that looks on the chart:
If XAUUSD has any chance of turning this multi-month pullback into a bullish continuation, it will happen at $1,680.
I wouldn’t want to see a daily close below this area.
If that were to occur, we could see gold trend even lower, perhaps toward the $1,600 area.
But as of now, I like the idea of a bounce from the $1,680 region.
As I wrote yesterday, the next key resistance for XAUUSD is $1,760.
You can see how this area supported gold in December and again in February.
A close above that would open the door to the channel top near $1,850.
That said, XAUUSD buyers have to defend $1,680 first.
Note
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.