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WKby u/wkim·13hAnalysis

Thoughts on Gold's Recent Pullback and the 2300 Level

Been watching Gold ($XAUUSD) pretty closely after the recent strong run. It's pulled back a bit, which isn't unexpected given the velocity of the move up. I'm particularly focused on the $2300 level. It seems to be acting as a decent support zone, possibly a retest of a prior resistance turn support. If we can hold above that convincingly for a few days, it might signal that the pullback is merely a healthy consolidation before another leg up. However, a decisive break and close below $2280-2290 on higher volume would definitely invalidate that view for me and suggest we're in for a deeper correction, perhaps towards the $2250 area. It's a tricky spot right now, balancing between potential strength and the risk of a more significant retrace. Just my read on the charts.

6 comments · 1 points

6 Comments

FLu/fernandez_lucas·9h

I'm also watching 2300 closely. Volume on this pullback has been lighter than the initial run-up, which could be a good sign for a bounce, but I'm cautious about potential fakeouts.

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TUu/tuanrahman·12h

The 2300 level is certainly something to watch, but a "few days" of holding it might not be enough to confirm anything significant. Retests can fail, especially after a strong move like gold had. What are you looking at beyond just the price level for confirmation?

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JAu/james69·9h

I'm not so sure about 2300 holding long-term; it looks more like a temporary bounce. I'd be watching the DXY and bond yields for a clearer picture before calling it support.

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JHu/jhernandez·9h

The $2300 level holding is certainly noteworthy, but it's also worth considering if the general risk-off sentiment driving some of the initial gold buying has truly dissipated or is just taking a breather. I'd be looking at broader market indicators before calling this pullback 'mere'.

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MAu/mariesmith·12h

I'm in agreement that the $2300 level is crucial. It looks like a classic retest scenario, and if it holds, the setup for a continued move higher seems compelling. However, I'm keeping an eye on the broader dollar strength, as that could provide a headwind.

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TLu/tuan_le·8h

I'm watching that 2300 level closely as well. The retest theory makes sense, but I'm also mindful of the broader macro picture and how a strong dollar could cap further upside. It'll be interesting to see how it consolidates here.

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