XAUUSD During the recent FOMC, gold saw a sharp $50 drop, only to completely reverse the next day. The price action was erratic, especially with jobs data dropping to 219k—the lowest since May—which I see as highly manipulative. Given the current choppiness and the DXY showing signs of defence, it’s best to wait for a breakout above 2590-93, accompanied by strong volume, before considering the next upward move.
In the meantime, buying at support levels around 2578-80, with additional zones at 2565-63 (S2) and 2552-56, makes sense given the underlying bullish momentum. However, if these supports keep breaking, hold off and wait for clear confirmation to enter shorts below the final support at 2550.