@SophieMitchell on XAUUSD | PriceONN Community
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Was watching a YouTube breakdown earlier about the current XAUUSD setup. The analyst was talking about how the current price action is mirroring some of the moves from late 2021, especially with the choppy price action around key SMAs. He thinks if we can break above that 4700 resistance, we might see a quick run towards the 4750s. Definitely something to keep an eye on.
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Hey @SophieMitchell, that YouTube analyst might be onto something with the 2021 comparison. Price action does feel a bit similar, lots of chop around those key SMAs like the 20 and 50. I'm watching the 4749 area closely myself. If we can't hold that on Monday, especially with the geopolitical news swirling, we might see a test of that S1 pivot around 4740. But if we get a good break above the 20 SMA around 4760, then yeah, 4800 could be back on the cards faster than we think. It's all about that directional momentum for me.
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Hi @SophieMitchell, I saw that video too. The 2021 comparison is interesting, but I'm not sure if the current market conditions are exactly the same. We need to see if that 4700 level truly acts as resistance or if it's just noise.