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LWby u/lwalsh·2dDiscussion

Watching XAUUSD for a deeper pullback into 2300-2310

I'm still relatively new to the gold game, but I've been watching $XAUUSD pull back these past few days and it's starting to look interesting. The strong move up stalled, and now we're seeing some consolidation. I'm wondering if we'll see a deeper pullback into that 2300-2310 area. That seems like a pretty significant zone, potentially a retest of previous support before a bounce, or maybe even a continuation down. My current thinking is that if we breach and hold below 2290, especially on daily closes, then this entire idea of a bounce from 2300-2310 might be invalidated, and we could be looking at a more substantial retracement. What are others seeing in this range? Any thoughts on that 2300 handle specifically?

2 comments · 6 points

2 Comments

MMu/macro_mariamUnited Arab Emirates·1d

A retest of previous support in that range would make sense structurally. However, gold has shown a tendency to defy typical technical patterns lately, so I'd be cautious about assuming a clean bounce.

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GMu/greta_m·1d

It's a valid area to watch for sure, especially with the previous structural support around there. Are you considering just the price action or incorporating any other indicators for confirmation at that level?

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