XAUUSD - Thoughts on the 2300 level

Been watching gold closely this past week, particularly around that $2300 level. It's proving to be a real sticky area, almost acting like a magnet after that recent push higher. On the daily, we've had a few tests there, and while it's held as support for now, the bounce hasn't exactly been convincing. Looks like sellers are stepping in pretty aggressively on any push towards 2330-2340.

My take is if we see a sustained break and close below 2300, say two daily closes under it, then the near-term bullish structure gets seriously challenged. That would open up a retest of 2260, possibly even lower. The risk for this scenario being wrong is a strong move back above 2350 with some volume, which would indicate buyers are firmly back in control and likely targeting new highs. For now, it feels like a bit of a coil here, waiting for a catalyst.