Daily Price Action

XAUUSD: $1,680 Gold Is One to Watch


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:

XAUUSD gold confluence of support
XAUUSD gold daily time frame

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.

Want to Watch the XAUUSD Video I Just Released to Members?

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in March!

XAUUSD gold chart showing support and resistance areas
XAUUSD gold daily time frame

Leave a Comment:

Justin Bennett says

Want me to help you become a better Forex trader?

Get a Lifetime Membership to Daily Price Action today and receive access to Justin’s full price action course, dozens of forums with over 4,000 members, daily videos of trade ideas, direct access to Justin, and much more!

Save 40% on a lifetime membership in March!

ali says

thanks for the update. Sir Justin

Add Your Reply