Gold XAUUSD Chart Technical Outlook offers a ‘gap open’ as we trade at new all-time highs
An aggressive Sunday night open has resulted in a gap of $2,232 from Thursday’s close.
Bespoke support is located at $2,181, $2,096, and $1,995. Using projection analysis and the smart money concept (SMC), this highlights a potential top at $2,288.
The daily chart has trendline resistance at $2,270. It is common for the trend to be rejected on the 4th touch.
The intraday chart highlights a 261.8% extension level located at $2,269.
Conclusion: although we have a confluence level between $2,269 to $2,270, the immediate losses could be limited. I would look for a 5th wave extension (Elliott Wave), to complete close to the projected top at $2,288.
Resistance: $2,269 (261.8%), $2,270 (trendline), $2,288 (projected barrier)
Support: $2,232 9gap open), $2,200 (previous resistance), $2,181 (bespoke)
