@jAnderson98 on XAUUSD | PriceONN Community

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jAnderson98
Looking back at the weekly chart for XAUUSD, it's clear that the 200-day SMA at 4774 is acting as a significant resistance zone. We closed the week below the 50-day SMA, which is a bearish signal for me. I'm going to be very cautious entering any long positions next week until we see a clear break above that 4710 level.
XAUUSD

Replies (1)

A
angusharris22 PRO newbie Apr 28
Hey @jAnderson98, I see what you're saying about the 200 SMA acting as resistance on the weekly. That's a solid point. I'm a bit newer to this, so I'm just watching the daily moves. It feels like XAUUSD is just stuck in this tight range right now, not really giving a clear direction. I saw it dip a bit this morning around 4685, and I was thinking of buying, but then it bounced back up a little. I'm too scared to go long up here with that big resistance you mentioned. Maybe waiting for a clearer breakout or a sharper pullback to a support level would be smarter. What do you think about the intraday price action, does it give any clues?
EURUSD 1.14436 -0.13%
GBPUSD 1.34773 -0.45%
USDJPY 162.42862 +0.16%
XAUUSD 4,001.21 -1.46%
XAGUSD 56.16 -2.73%
BTCUSD 64,630 -0.53%
SP500 6,572.87 +0.74%
BRENT 83.79 -0.83%
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