Will Gold Break $2,000?
Gold has traded in a tight range since November, and some traders may see downside risk.
The first level on today’s chart is the recent series of higher lows and lower highs. XAUUSD has broken the bottom of that triangle, which may suggest its consolidation period is resolving to the downside.
Second, the price level around $2,075 marked peaks in July 2020, March 2022 and May 2023. An attempted spike above resistance in early December didn’t hold. That kind of failed breakout is a potentially bearish reversal pattern.
Next, $2,000 could have psychological importance. Gold is now struggling near that level.
Finally you have the October low around $1,810. Given the topping patterns and strong U.S. economy, some traders could potentially expect a retest toward that support.
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The first level on today’s chart is the recent series of higher lows and lower highs. XAUUSD has broken the bottom of that triangle, which may suggest its consolidation period is resolving to the downside.
Second, the price level around $2,075 marked peaks in July 2020, March 2022 and May 2023. An attempted spike above resistance in early December didn’t hold. That kind of failed breakout is a potentially bearish reversal pattern.
Next, $2,000 could have psychological importance. Gold is now struggling near that level.
Finally you have the October low around $1,810. Given the topping patterns and strong U.S. economy, some traders could potentially expect a retest toward that support.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Important Information
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures or cryptocurrencies); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission (“SEC”) and a futures commission merchant licensed with the Commodity Futures Trading Commission (“CFTC”). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association (“NFA”), and a number of exchanges. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services under federal and state money services business/money-transmitter and similar registrations and licenses.
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a member of NFA. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url = tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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