XAUUSD - Keep an eye on 2300
Been watching XAUUSD pretty closely. The bounce we've seen from the low 2300s is interesting, but I'm not ready to call it a definitive bottom just yet. Seems like there's still a fair bit of indecision hovering around the 2300-2320 zone. If we get a sustained break below 2300, particularly on decent volume, I think we'll be looking at a retest of the mid-2200s, maybe even the 2230-2240 area. That would invalidate the current bounce's potential to form a higher low. Conversely, if 2300 holds and we start to build a base, the next challenge is getting back above 2350. My personal read is that the path of least resistance is still mildly down until proven otherwise, especially given the stronger dollar narrative this week. Just my two cents, and as always, the market loves to humble you.
The indecision is key. A break below 2300 with volume could certainly open the downside, but it's hard to trust any sustained move in this range without a clear catalyst. I'm more inclined to see continued chop until then.