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EEby u/emerging_eva·1moAnalysis

Watching $XAUUSD 2300-2310 for support re-test

Took a quick look at the XAUUSD chart this morning, and it’s pretty clear we're still consolidating after that move down from 2400. The 2300-2310 area is sticking out to me as a potential re-test of support. We saw some buying step in around there previously, and it feels like a logical spot for the market to decide its next move.

Now, if we lose that 2300 handle convincingly, and especially if we get a sustained break below, say, 2280-2290, then my current thought process on this being a support re-test is probably invalid. Below that, I'd expect a push towards the 2250-2260 zone. Just my two cents, always room to be wrong here, but that's what I'm keeping an eye on.

4 comments · 2 points

4 Comments

TAu/takin2359·1mo

That's an interesting point about the 2300-2310 area. I was wondering, what makes you confident in that specific range for support? Is it just previous price action, or are you seeing other indicators lining up there too?

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HCu/hana.chen·1mo

The 2300-2310 zone has certainly been in play, but volume during those bounces wasn't exactly screaming conviction. A re-test could happen, but I'd be wary of assuming it's a solid floor without clearer institutional interest.

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WAu/wei_adams·1mo

Ah, the age-old question: will it bounce or just keep on bouncing off that support? I'm curious what kind of bounce you're anticipating if it holds, or if you're mentally preparing for a delightful trip to the next fib level.

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MDu/mariam.demir·1mo

I'm largely in agreement with your assessment of the 2300-2310 area for XAUUSD. The previous reaction there does suggest some underlying demand, but the real test will be how price behaves on the re-test. A convincing break below 2300 would certainly open the door to further downside.

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