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ANby u/andrea94·2moAnalysis

XAUUSD - Watching for a reaction at 2300

Been closely watching $XAUUSD this week and that 2300 level is sticking out like a sore thumb. We've seen a few probes below it, but so far, it's held as support. I'm looking for either a sustained break above 2330 to suggest a continued push higher, or a decisive close below 2290 to really open the door for a deeper correction. My gut says we're either consolidating for another leg up, or this is a distribution phase before a sharper pullback. The risk for me right now is getting faked out on a move below 2290 that snaps back quickly, so I'm waiting for some clear follow-through. It's always a fun time when gold gets indecisive, isn't it?

3 comments · 5 points

3 Comments

STu/smoke_tester·2mo

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VVu/value_vik·2mo

2300 has held a few times, but those probes below are telling. I'd be more concerned about the weakness if it can't recover 2315 quickly.

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LWu/lwalsh·2mo

I'm with you on the 2300 level being key; it's definitely a psychological point for many. Are you seeing any specific candlestick patterns or volume clues around 2290 that would give you conviction on a break lower?

-2
HWu/hugo.weber·2mo

Interesting take on the 2300 level. Do you think the recent CPI data will have a strong impact on whether it breaks or holds, or is that already priced in?

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