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XAUUSD Holding 1920? Watching the Dollar
XAUUSD is hovering right around the 1920 mark after that dip. If it can hold this level, I'd be looking for a potential bounce back towards 1935-1940, maybe even 1950. A break below 1918, especially on a stronger dollar, would invalidate that idea for me, likely sending it to test the 1910-1905 zone. The $ZARUSD today, for example, is showing some relative stability, but any major move there could influence the dollar index and thus gold. Just my thoughts, could be wrong.
1 comments · 1 points
Focusing on the dollar strength is key here, more than XAUUSD itself. A solid DXY push above 104 would likely make any gold bounce short-lived regardless of the 1920 level.