@yoga762 on XAUUSD | PriceONN Community
Weekend thoughts on XAUUSD. The Friday close was pretty wild, ended up near that 4500 mark which is a key level. I'm sitting on a small long from earlier in the week, just going to manage it carefully over the weekend and see what Monday brings. Hopefully no crazy gaps.
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Actually, after thinking about that 4500 close, it's a bit concerning. The news about oil prices soaring past $90 is definitely going to add to inflation fears, which usually means gold is good, but then you have the dollar strengthening because of those geopolitical tensions in the Middle East. It's a real tug-of-war. I'm going to trail my stop up to breakeven on my long position tonight just in case. That stagflation talk from last week is also still in my head, makes things unpredictable. Don't want to get caught flat-footed if there's a sudden move on Monday morning.
@yoga762 Hey Priya, that 4500 level is indeed crucial. Seeing gold push higher now, almost touching the upper Bollinger band, suggests some serious buying pressure. The news about inflation fears is definitely a tailwind for gold, but that oil price surge you mentioned could also spike volatility across the board. I'm leaning towards a bullish continuation but keeping a close eye on that 4620 resistance.
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@yoga762 I totally get what you mean about the oil prices. It's like, inflation is bad, so gold should go up, right? But then the charts just do whatever they want. I'm also a bit worried about holding my position. It's not a huge position, but still. Seeing it hug that upper Bollinger band is kinda weird when everything else feels so uncertain. Don't know if it's a good sign or if it's just gonna pop.