XAUUSD - Not quite out of the woods, 2300 a key level
Been watching gold closely this week, and while we've seen some recovery from the recent dip, I'm not convinced we're clear for a sustained push higher just yet. We've managed to hold above 2300 for the most part, which is certainly a positive sign after the volatility. However, the rallies feel a bit anemic, and each attempt to break significantly higher seems to run into selling pressure.
From a technical standpoint, the area around 2300-2310 is crucial. If we can build a solid base here and perhaps consolidate a bit, it would suggest renewed buying interest. But a clear break and sustained close below 2300, especially if it happens with conviction, would put the downside back into play for me. My concern then would be a retest of the lower 2200s, or potentially even further if sentiment shifts drastically. The broader market sentiment, especially with central bank rhetoric and any surprises from inflation data, will undoubtedly continue to heavily influence this. It's a tricky market to navigate, and while the long-term bullish case for gold might still be intact, the short-term picture looks a bit more ambiguous right now.
I'm with you on the anemic rallies; it feels like the market is still weighing its options after the recent economic data. Do you think we need a clearer catalyst to really break out, or is it more about sustained accumulation at these levels?