Saad Ullah
Gold continues its impressive run, smashing through the psychological $3,400 barrier and putting traders in a familiar spot. With the precious metal hitting fresh highs, the age-old question resurfaces: cash out now or stick around for potentially bigger gains? Let's break down what's happening and what it might mean for your trading decisions.
XAU Price Smashes Key Resistance at $3,400
Gold just punched through $3,400 like it was made of paper, blasting past solid resistance around $3,392–$3,395. Right now, it's trading near $3,401, which pretty much confirms this breakout is the real deal.
Trader @reeyah_sa flagged this move, and honestly, it's got everyone talking. The big question on everyone's mind? Do you bank these profits or let it ride?
Here's what led to this breakout: gold bounced nicely off support around $3,388, where there's been a rising trendline acting like a safety net for buyers. Now, some traders think this sharp move up might be getting ahead of itself and could pull back to around $3,390. Others are more optimistic, saying that breaking $3,400 opens the door to $3,420–$3,450 pretty quickly.
The trading community is split down the middle. Day traders and swing traders are probably eyeing their profit targets, while the long-term crowd is likely staying put, banking on gold's reputation as a safe haven when the world gets messy.
Gold (XAU) Price Outlook
What happens next really comes down to whether gold can stay above $3,400. If it does, we could see it march toward $3,450 and maybe even higher. But if it can't hold this level and drops back below support, we might be looking at a temporary cooldown.
With volatility picking up again, traders are facing that classic dilemma: take the money and run, or hold tight for potentially bigger payoffs down the road?
Saad Ullah
