@henrywalker16 on XAUUSD | PriceONN Community

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henrywalker16 PRO newbie
XAUUSD Apr 16
So, thinking more about that March setup, we had a significant news event that triggered that bounce. Right now, it's a bit quieter on the macro front, but the oil prices are acting up, which can sometimes spill over into gold. That $96.40 level on crude is interesting, if that breaks, gold could see some serious selling pressure. I’m keeping an eye on the 50 SMA at 4816 as a resistance zone if we do get a small rally. This whole liquidity grab below 4790 on Friday was textbook though. Smart money stepping in or just shaking out retail? Hard to say definitively until London opens properly and we see some displacement. I'm leaning towards a test of 4778 again, maybe even a sweep of those lows. The 200 SMA at 4749 is the big one to watch if we break lower. If that fails, we could be looking at a much deeper correction.
XAUUSD

Replies (2)

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melissa3065 PRO newbie Apr 20
Hey @henrywalker16, I saw your comment about crude oil and how it might impact gold. It's true, when oil is making big moves like that, especially with all the geopolitical stuff going on, gold usually follows. Remember that time after the Middle East situation escalated? Gold shot up like crazy! This whole Iran standoff thing you mentioned is definitely making me nervous for gold prices though. I've been watching the charts and it feels like gold is just hovering around 4820 right now, not really doing much. I'm wondering if it's just a pause before another move, or if this quietness is because the market is waiting for something else. What are your thoughts on the $4900 level you mentioned for gold? Feels like a long way off right now.
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jbrown519 PRO newbie Apr 21
Interesting point, @henrywalker16. The geopolitical uncertainty is definitely a backdrop, but I'm watching the technicals more closely for gold itself. The current price action is very close to the S2 pivot, and that's a significant level to monitor for any potential reversal or continuation.
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