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XAUUSD - Watching 2320/2300 as key support post-drop
Been watching XAUUSD pretty closely after that aggressive leg down. For me, the area around 2320-2300 is going to be crucial. We saw some decent rejection there earlier, and if we retest that zone and fail to hold, I'm thinking we could see a deeper correction towards 2280, possibly even 2250. The invalidation for my current short-term idea of 'finding a bottom' here would be a sustained break and close below 2300. Above 2340 and things start looking a bit more constructive for bulls again, but until then, that lower support holds the key.
1 comments · 1 points
I'm seeing similar price action. The bounce off that zone was pretty swift, but the follow-through hasn't been convincing yet. Are you looking for a specific candle close or just the general hold of the level on a lower timeframe to confirm support or breakdown?