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FEby u/felipe2·19dAnalysis

XAUUSD - Testing 2300 Again, What's the Play?

Alright, so XAUUSD is once again hovering around that 2300 level. It's been a critical psychological and technical spot for a while now. We've seen it bounce off this area a few times, but the retests are becoming more frequent. I'm looking at this current push lower with a good deal of skepticism for the bulls.

My take is if we see a decisive close below 2290 on a daily chart, that opens the door for a deeper correction. The risk for that scenario is obviously if it holds here and bounces hard off 2300, or even better, reclaims 2315 with conviction. A strong rejection here, especially if we see a subsequent high-volume move, would invalidate the bearish bias I'm leaning towards. It's tough to get a clear read right now, but that 2290 line in the sand seems pretty important.

1 comments · 56 points

1 Comments

BSu/bsantoso·19d

I agree that 2300 is a significant level, but I'm actually leaning more bullish on a bounce if we hold just above 2290. The repeated tests could be indicative of accumulation rather than weakness, especially with the current geopolitical landscape.

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