Watching XAUUSD at 2300, wondering about the bounce
Been watching gold's action around the 2300 level pretty closely these past couple of sessions. It's obviously been a significant psychological and technical level for a while now, and seeing it hold again after the recent sell-off has me scratching my head a bit, but in a good way. The bounce we've seen since last week feels constructive, though not exactly explosive.
My primary concern, or what would invalidate this current bounce scenario for me, would be a sustained break below 2290. If we start seeing daily closes comfortably beneath that, it would suggest the buying interest isn't as strong as it appears right now, and we'd likely be looking at a test of lower support around 2270, maybe even 2250. For now, I'm just observing, seeing if this consolidation holds and if buyers can build any real momentum. Anyone else feeling this is a critical juncture?
It's interesting how price action can often be more nuanced than just 'explosive' or 'weak.' Sometimes, a constructive bounce, even if not dramatic, can signal underlying demand. Do you have any specific indicators you're watching to confirm that demand around 2300?