1
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
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.