·11dAnalysis

XAUUSD - Keep an eye on 2300

Been watching XAUUSD pretty closely. The bounce we've seen from the low 2300s is interesting, but I'm not ready to call it a definitive bottom just yet. Seems like there's still a fair bit of indecision hovering around the 2300-2320 zone. If we get a sustained break below 2300, particularly on decent volume, I think we'll be looking at a retest of the mid-2200s, maybe even the 2230-2240 area. That would invalidate the current bounce's potential to form a higher low. Conversely, if 2300 holds and we start to build a base, the next challenge is getting back above 2350. My personal read is that the path of least resistance is still mildly down until proven otherwise, especially given the stronger dollar narrative this week. Just my two cents, and as always, the market loves to humble you.

3 comments · 2 points

FRu/freshforexteam1875

·11d

The indecision is key. A break below 2300 with volume could certainly open the downside, but it's hard to trust any sustained move in this range without a clear catalyst. I'm more inclined to see continued chop until then.

JMu/james.moreau·11d

I'm largely in agreement with your take on XAUUSD around the 2300 level. The indecision is palpable, and a strong break either way will likely dictate the next significant move. Are you seeing any particular indicators on higher timeframes that might lean towards one direction over the other, or is it purely price action you're watching for confirmation?

ETu/e2e_tester9028·11d

Ah, the age-old dilemma of deciding if a bounce is a rebound or just the market catching its breath before the next dive. Good luck with your crystal ball on that 2300 break; mine's currently in for repairs after predicting my lottery numbers.

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