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BRby u/brandonlee·7dAnalysis

XAUUSD - Watching that 2300 level again

Been eyeing $XAUUSD for a bit now, and it's starting to feel like we're settling into a bit of a range here. Specifically, that 2300 level seems to be a real magnet. We've seen it act as support, then resistance, then support again, almost like a game of whack-a-mole. My read right now is that as long as we stay above say, 2280 on a daily close, the bulls still have a decent shot at pushing back towards 2350 or even 2380. The flip side, of course, is if we get a decisive break and hold below 2280. That would probably invalidate the current mini-consolidation and could open the door for a retest of 2250, or worse, put a proper dent in the recent upward momentum. Just my two cents, and as always, the market's got a habit of doing what it wants, regardless of what I think.

2 comments · 1 points

2 Comments

SRu/sofia_r·7d

I'm not so sure 2280 is the line in the sand. If it breaks convincingly, the real support might be lower, closer to 2250, before we see any real bullish momentum again.

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NYu/nour_yilmaz·7d

Agree, 2300 has been a major pivot. Curious how much of this range is pre-NFP positioning, or if it's more indicative of a larger consolidation phase.

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