Gold is testing a critical area today that could determine whether we get a pullback next week or a new all-time high.
Watch today’s video for the details, including key levels and my short-term and long-term outlook for XAUUSD.
XAUUSD is up this week, but gold bulls face a significant challenge in the $2,380 region.
I mentioned this descending channel and the potential for this $2,380 retest in yesterday’s VIP-only video.
So far, we’ve seen gold retest that level and get rejected, at least initially.
If XAUUSD closes today below $2,360, it will suggest gold is holding below the level it lost on April 22nd.
That would keep levels like $2,260 exposed.
Alternatively, a sustained break above $2,380 next week would be bullish for gold and open up the recent all-time high.
Trying to short gold has been challenging, and may will see it as an ill-advised move.
And I can’t disagree completely, seeing as how XAUUSD is up 30% since last October.
However, as always, it comes down to your style of trading, risk tolerance, and general view of the market.
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