XAUUSD approaching a familiar confluence on the daily
Been watching XAUUSD pretty closely lately, and it's starting to look like we're heading back into that fairly congested zone on the daily chart. Specifically, the area around 2320-2330 has acted as both support and resistance multiple times over the past few weeks, and it also coincides with the 50-day moving average which has been a decent dynamic level.
My take is that a test of this zone is imminent. If it holds as support again, particularly with a decent bounce, it could suggest continued strength and a re-test of the recent highs. Conversely, a clear break and sustained close below 2315, especially on increased volume, would definitely invalidate that view for me and could open up a move towards the 2280-2290 area. It's a key spot to watch for direction over the next few sessions.
I've noticed that too. The confluence around 2320-2330, especially with the 50-day MA, is certainly a key area. Do you have a preferred indicator or price action pattern you're looking for to confirm a potential break or bounce from there?