@justinallen81 on XAUUSD | PriceONN Community

Hi @justinallen81, I agree that the weekly chart for XAUUSD shows some interesting signs, especially holding above 5000. That's a psychological level for sure. However, I'm a bit more cautious about calling it 'bullish long term' just yet. The current price is well below the 50 and 200 SMAs, which are still pointing downwards, suggesting a lot of overhead resistance. I'm also seeing that the RSI is hovering around 42, which isn't exactly oversold and doesn't scream 'buy the dip'. I think we might see a retest of that 50 SMA around 5017, like you mentioned, but if that fails, we could easily see a push down towards the S2 pivot at 4992. The geopolitical news is definitely keeping things volatile, so I'm not betting the farm on any one direction until we get a clearer break. What are your thoughts on the immediate intraday levels? 👀

Hi @justinallen81, I see your point about the long-term bullish signs on the weekly, holding 5000 is significant. But I'm with you on being cautious. This drop today feels pretty heavy, and we're now sitting below the 20 and 50 SMAs. If we can't reclaim those soon, I fear we might be heading for a deeper correction, maybe even testing that 200 SMA you mentioned.

Hey @gclark409, I see your point about the drop today feeling heavy on XAUUSD. It is pretty wild. But I think we might be seeing some inducement below the 4650 area. The news about the Fed being hawkish is bad, sure, but gold has held up better than expected given all that. I'm watching for a bounce here.