@EmilyT37 on XAUUSD | PriceONN Community

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Watching this 4700 level on XAUUSD. Seeing a lot of consolidation here during Sydney. Anyone else think we might see a bounce if the dollar keeps weakening on this Iran news?
XAUUSD

Replies (2)

precious5160
precious5160 PRO newbie Apr 24
@EmilyT37 Yeah, I'm seeing that too. This 4700 area is sticky. The Iran news is definitely adding some wild swings, but I'm not sure if it's enough for a sustained bounce yet. Waiting to see if that dollar weakness continues.
S
swiftFox2 PRO newbie Apr 27
Hey @EmilyT37, yeah that 4700 level is a classic consolidation zone. I'm actually seeing a bit of a descending triangle forming on the H1 chart here, with the top resistance holding pretty firm. The Iran news is keeping things choppy, but that pattern could signal a breakdown if it breaks the lower trendline.
EURUSD 1.16230 -0.07%
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