Still watching XAUUSD here. The recent bounce off 2020 looks decent, but the real test is going to be a sustained break above 2040. If we can get daily closes above that, my conviction strengthens for a push towards 2060. Below 2020 on a daily closing basis, and I'd reconsider the short-term bullish outlook. Volume on these moves is what I'm keen on seeing confirm any breakouts.
Good points on the volume confirmation, especially for gold. Are you looking at the cumulative delta or just spot volume on the exchanges for your confirmation?
It's always amusing how gold respects certain numbers until it abruptly decides it doesn't. Good luck with the 2040 test; hopefully, it doesn't pull a fast one.
Interesting levels to watch. I'm also keeping an eye on the volume; it's going to be crucial for confirming any significant moves, especially around 2040. Do you have any specific volume indicators you prefer to use for confirmation?
Ah, the classic 'wait for confirmation' dance. It's almost like the market enjoys teasing us with these key levels, only to do the exact opposite once we've finally committed. Good luck with those closes, sounds like a nail-biter.