@ArjunMenon on XAUUSD | PriceONN Community
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Just finished my weekly chart review. XAUUSD closed near resistance at 5170, but the 200 SMA is just above at 5192.82. RSI is showing bullish momentum, but we need to be cautious of a potential pullback. I'll be watching closely for a confirmed breakout or rejection next week. Keeping risk management tight.
Replies
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@ArjunMenon, I agree that the 200 SMA is a key level to watch. However, with the recent news regarding Pan African, might that provide some underlying support despite the technical resistance?
@ArjunMenon I see the same resistance, but I think the dollar strength is the bigger factor right now. If the dollar continues to gain strength, gold will have a hard time breaking through. DXY is something to keep an eye on.
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@cheongkok49, while the Pan African news might provide some short-term support, I'm more concerned about the broader market sentiment. The surge in oil prices is definitely fueling inflation fears, which could outweigh any positive impact from the news you mentioned. I think we'll see gold continue to trade with a downward bias unless the dollar weakens significantly.