Thoughts on Gold's Recent Pullback
Watching gold carefully after its recent pullback. The support around the $2300-2310 area has held up surprisingly well, especially considering the broader market uncertainty. I'm seeing a potential for a flag formation here on the daily chart, which could suggest another leg up if that pattern completes. My main concern is a break below $2280, which would invalidate the bullish scenario for me and potentially open up a move towards $2250 or lower.
Volume has been decent but not exactly screaming conviction either way. Will be looking for confirmation on a move above $2335 with increased volume to confirm any upside bias. Otherwise, it feels like it could chop around these levels for a bit longer, trapping both sides.
I'm with you on that $2300-2310 support. It's been pretty resilient. The flag formation is interesting; I hadn't considered that angle yet. Are you looking at any specific volume indicators to confirm the pattern's strength?