When determining the XAU / USD (gold, versus US dollar) levels it's crucial to pay attention to support and resistance levels along with considering wider technical and fundamental aspects. Here's a possible way to tackle this issue;
Important XAU, to USD price levels to watch as of 2023 or early 2024;
Resistance levels to watch out for (targets, on the upside);
Between the years 1960 and 1970 lies a resistance area for gold trading enthusiasts to observe closely as an indicator of a continuing uptrend, in the markets favor.
At the $2000 mark lies a level and a point of resistance seen in the past for XAUUSD trading pair.If XAUUSD breaks through the $2000 barrier successfully and maintains its position, above it it would further confirm the outlook, for the market.
In 2023 we saw a peak of $2070 in the gold market which could indicate a turnaround and possibly lead to gains.
In the price range of $1850, to $1860 for XAUUSD trading pair stands as a support area; a drop below this range might signal a downward trend, towards lower price levels ahead.Kindly observe the markets price dynamics and trading volume to validate any decline.
At $1800 is a psychological support level and a key support area, in price movements history. If the price drops below $1800 it might signal a shift aiming for the range, between $1750 and $1770.
The price of $1750 is seen as a level of support that may serve as a foundation, in the event of substantial downward pressure, from bearish market forces.
Looking ahead here are some steps considering the current sentiment, in the market;
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