XAUUSD Holds Rising Trendline While XAU9999 Crashes Nearly 69% in One Day
- XAUUSD remains capped at the $3,440 resistance, rejecting multiple rally attempts in recent months.
- XAU9999 token dropped 68.98% in 24 hours, currently trading below its nearest support level of $0.09532.
- A clean daily close above $3,440 on XAUUSD could confirm trend continuation, but compression remains for now.
XAUUSD gold price was approaching a very important horizontal resistance level of $3,440 after a long-term uptrend. The latest daily chart shows that gold has continued to form higher lows, supported by an uptrend line that began forming in mid-April.
Despite relentless pressure at the resistance level, the price has repeatedly failed to close above the $3,440 level. Thus far, the duo is closely monitored by market participants for a clean daily close above this mark, which could lead to further gains.
XAUUSD Trades Within Tight Range as $3,440 Resistance Holds Firm
Over recent sessions, XAUUSD recorded steady gains toward the key $3,440 level, which has acted as a ceiling multiple times. The latest daily high touched this resistance once again, reinforcing its significance as a critical barrier. However price retracement was observed soon thereafter, a sign of the unwillingness of market players to push through this area with less momentum.
The price structure continues to support a bullish formation in sync with the upward sense of the trendline. Price action has become quite congested between the trend line support and the horizontal resistance band. Bulls could still make a step forward by propelling prices above $3,440, which would make the way up more direct. But without such a move, the price compression may go on.
XAU9999 Falls Sharply Below Support in Volatile Session
While XAUUSD tests major resistance levels, XAU9999 saw a sharp decline of 68.98% in its 24-hour price performance. It currently trades at $0.092463, below its reported support of $0.09532. The token also faces a near-term resistance at $0.098664. These levels define its current range, with volatility observed over the past 24 hours.
Source:CoinMarketCap
Meanwhile, XAU9999’s trading volume stood at $1.16 million, while its market capitalization remained flat at $366.87K. No percentage increase in either metric was recorded during this session. The token’s 24-hour price range suggests consolidation, but downside pressure appears dominant given its steep drop.
Technical Setup Builds with Clear Price Range
XAUUSD remains within a clear ascending structure as the trendline holds. The current pattern shows strong compression between the rising support line and the $3,440 resistance area. These levels are growing increasingly relevant, especially as recent candles approach the upper threshold again.
Price is likely to continue to move in this channel until it breaches decisively. This scenario has seen market players poised to either a breakout above the resistance or a breakdown below the uptrend line. As technical levels are held closely, the configuration suggests a filled out structure that would soon precede a bigger movement.
