Watching XAUUSD at 2300 - A Critical Juncture
Hey everyone, been keeping a close eye on $XAUUSD over the last few sessions, and it feels like we're at a pretty critical juncture around the 2300 level. For me, this area has acted as both support and resistance multiple times throughout the year, making it a key pivot. We saw a nice bounce off it in early May, and now we're back testing it from above after a bit of a rally.
My primary scenario involves 2300 holding as support, potentially setting up for another move higher. If we can consolidate above this level over the next few days, it would reinforce the idea that buyers are stepping in at these prices. However, the risk that invalidates this view is a sustained break below 2300. A daily close significantly under that mark, especially with increased volume, would suggest a shift in sentiment and could open the door for a deeper retracement. I'm not looking to predict the future, but rather observe how price reacts to this established level to gauge the market's conviction. Just sharing my thoughts, always keen to hear other perspectives.