XAUUSD: $1,680 Gold Is One to Watch

·    March 2, 2021

·      March 2, 2021

·    March 2, 2021

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.

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

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