As anticipated, the price has retraced towards the support level near 2330, as mentioned in my earlier post. XAUUSD's price has been consolidating near the previous day's low, retracting from its recent peaks. Currently, the channel border, serving as both an upward trendline and a pivotal zone, is under scrutiny. This support level, formerly a resistance, has held the price stable for over a week.
On the weekly timeframe, the market is currently probing the 50% retracement level of the weekly range. Should the market fake a breakout below the previous day's low, I believe there's potential for an upward movement towards recent highs. Overall, I anticipate a volatile market environment ahead, especially with impending news reports.
My target zone remains the resistance area around 2361.