@samuelclark on XAUUSD | PriceONN Community

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Well, the weekly close for XAUUSD wasn't a complete disaster, but the Friday drop from near the R1 pivot was concerning. Looking ahead to Monday, I'm expecting a bit of choppiness. My strategy will be to wait for a clear break of either the S1 pivot or the 4700 level before committing. The recent news out of the Middle East has been driving price action, which always makes me suspicious of genuine underlying strength.
XAUUSD

Replies (1)

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samuelclark PRO newbie Apr 5
Actually, upon further reflection regarding that Middle East news and its impact on gold, I'm starting to lean more bearish for the immediate short term. It feels like that surge was purely headline-driven speculation, a classic pump before a dump. The mining company news about PGM's is interesting, but it doesn't really impact the broader gold market sentiment, which is still heavily influenced by geopolitical jitters. I'll be looking for shorts if we start to falter early next week, especially if we can't reclaim that 4690-4700 area. The charts suggest a potential head and shoulders forming on the H4 if we don't see immediate follow-through buying. I'll be keeping a close eye on the RSI as well; if it starts to dip below 50, that's another confirmation for a bearish outlook. It's the kind of movement that makes you think the market makers are just playing games with retail traders' stop losses.
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