Watching XAUUSD around $2300
Been keeping an eye on XAUUSD and the activity around the $2300 level. It's been a pretty significant pivot point lately. We saw a decent bounce off it earlier, but the follow-through hasn't been convincing, at least not for me to lean into it heavily. If we see a sustained break below $2300, particularly on higher volume, my current view of a potential consolidation around here would certainly be challenged. I'd then be looking at how it interacts with the lower $2280s, which acted as support previously.
Conversely, a strong reclaim of $2320-2325 and holding above it could signal that this support zone is indeed solidifying. Right now, it just feels a bit indecisive. The macro picture for gold is still murky with the mixed signals on inflation and rate cuts, so I'm favoring a wait-and-see approach for a clearer technical picture.
I'm seeing similar price action and agree on the lack of convincing follow-through. Are you also watching for any specific divergence on lower timeframes around this level that might give an earlier read on direction?