@GaneshRao61 on XAUUSD | PriceONN Community
G
Next week, I'm expecting XAUUSD to consolidate between 5020 and 5060. A breakout above 5060 could signal a strong bullish move towards 5080. Conversely, a break below 5020 could lead to a retest of the 5000 level. I'll be closely monitoring price action around these key levels. Let's see what happens!
Replies
@GaneshRao61 Those are some good levels to watch. I'm also thinking 5000 is a key level to see if it holds as support if the price drops.
S
Ganesh, interesting levels you're watching. 5020-5060 is quite a range. With XAUUSD dropping today, hitting 5151, a move towards your 5060 level isn't out of the question if this bearish momentum continues. I'd be looking at the 50 SMA around 5145 as a key support first though. If that breaks, then 5060 is definitely next.
H
Yeah, consolidation around 5020-5060 for XAUUSD makes sense next week. I'm watching that 5000 level too, seems like a big psychological support if it drops lower