XAUUSD looking at 2300-2310, thoughts on the downside risk?
Watching XAUUSD pretty closely here. It seems to be holding around the 2300-2310 area for now, which has been a fairly significant level historically. We've seen some consolidation there, but the last few pushes higher haven't had the follow-through I'd expect if we were truly ready for a strong breakout. My concern is if we start closing below that 2300 handle, especially on a weekly basis. That could open up a move back towards the 2260s pretty quickly, which would invalidate the current higher low structure I'm tracking.
There's a lot of noise with the $EURGBP bouncing around too, but I'm trying to keep the gold analysis isolated. If we get a sustained break of 2300 with some volume, I'd be re-evaluating the near-term bullish structure. Just my read, always open to differing perspectives.