Gold (XAU/USD) daily chart
From earlier: Gold nears another big milestone in final stretch of the week
The key question now is, can it stay there? It’s a major psychological level and profit-taking in these kinds of situations are commonplace.
I’ve said it once and I’ll say it again, it’s tough to fight the bullish outlook in gold when everything is falling into place. But the run higher since last year is coming with hardly any correction and that’s the scary part. We’re breaking key psychological levels one after another and it’s still going. Absolutely resilient.
I reckon it’s all about reading the price action here now. We’re seeing buyers just slowly test waters above $3,000 in the first 1-2 minutes and that might be encouraging for a bit more of a push higher before the actual profit-taking comes in.