XAUUSD: Gold Bulls May Need to Regroup in 2024

by Justin Bennett  · 

January 9, 2024

by Justin Bennett  · 

January 9, 2024

by Justin Bennett  · 

January 9, 2024

Will XAUUSD (gold) give us a pullback to start the new year?

Or will bulls finally break macro resistance?

Today’s analysis has all the answers, including a level that could offer an opportunity this week!

Watch the video below and scroll down for the annotated charts and analysis.

XAUUSD is trading just below its $2,075 macro resistance after a failed breakout at the end of 2023.

The December 4th candle was an all-time high for gold, but bulls could not hold the metal above the $2,075 multi-year highs.

Given the significance of resistance and the recent failed attempt, a pullback may be necessary for bulls to regroup.

However, the October 6th trend line may be the deciding factor, at least in the short term.

XAUUSD is testing that trend line this week and is currently holding above it on a daily closing basis.

It will take a sustained break below on the higher time frames to confirm a pullback toward $1,975 and potentially lower.

Alternatively, a sustained break above $2,075 on the weekly and monthly charts would put gold firmly in blue-sky breakout mode.

I don’t favor trading XAUUSD until we get a clearer signal of the market’s intentions.

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