XAUUSD - Watching that $2300 level closely
Been spending a good chunk of my morning looking at XAUUSD again, and that $2300 level is really sticking out on the daily and even the weekly charts. We've seen some pretty decent attempts to break through it, but each time, it's just not held convincingly. It's a pretty significant psychological level, obviously, but also aligns with some prior swing highs and Fibonacci retracement levels from the last major run-up.
My current scenario involves continued choppiness around here. A sustained break above $2300, particularly on decent volume and followed by a daily close well above it, would invalidate this sideways-to-mildly-corrective bias and suggest we're setting up for another leg higher. On the flip side, a clear rejection from $2300, especially if we start seeing lower highs and then a break below, say, $2280, would make me think a deeper correction towards $2250 or even $2220 is more likely. I'm leaning neutral right now, waiting for more conviction from price action at this key juncture.
Agree, $2300 is a major hurdle. Do you think a confirmed break above could lead to a quick run towards $2350, or are there too many sellers waiting?