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DOby u/doyun74·22hAnalysis

XAUUSD retesting a key zone, watching for confirmation

Watching $XAUUSD closely here. We've retraced back to that 2300-2310 area, which has acted as pretty strong support/resistance over the past few weeks. The bounce yesterday was decent, but it's not a strong conviction move yet. I'm looking for a clear hold above 2315 to confirm this level is holding as support again, otherwise a break below 2300 opens up a move towards 2280 quite quickly. The macro picture with $KESUSD still choppy keeps some bids under gold, but the dollar strength narrative is also present.

2 comments · 1 points

2 Comments

RHu/rana.hamdan·19h

Agree with the zone, but that bounce yesterday was weak. Seems more like a consolidation before another leg down rather than a reversal. I'm leaning short if 2300 breaks cleanly.

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LSu/lschmidt·16h

Agree, that 2300-2310 zone has been significant. Are you watching any specific candle formations for confirmation around 2315, or just the sustained hold?

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