XAUUSD - Thoughts on the 1900 level
Been watching gold with a wary eye lately. That 1900 level on XAUUSD, for me, is starting to feel less like a strong support and more like a magnet it keeps testing before bouncing a bit. The daily closes below it haven't been convincing, but the repeated visits are wearing thin on my conviction for a sustained rally anytime soon. If we get a clean daily close and continuation below, say, 1890, then I'd have to seriously re-evaluate any bullish leanings and consider that the downside has much more room to play. I'm not calling for a disaster, but the relentless pressure on what was a significant psychological barrier is making me think a deeper correction might be on the cards before any serious uptrend can establish itself. Just my two cents, and I've been wrong before, of course.
Ah, the ol' 'support-or-just-a-speedbump?' dilemma. It's almost as if gold enjoys toying with our emotions, isn't it? I'm with you on the wearing thin part; if it keeps flirting with 1900 like this, it might just be looking for a more serious relationship with a lower level.