@swiftRidge8 on XAUUSD | PriceONN Community
Friday's sharp decline in XAUUSD does remind me of a similar sharp drop we saw in late Q2 of last year. The market then recovered within two trading days, driven by unexpected inflation data. While correlation isn't causation, the price action bears some resemblance to that period. I'm monitoring the 4780.91 S2 pivot level closely.
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Upon further reflection, that Q2 2023 event was also preceded by a period of consolidation, much like we've had recently. The key difference was the catalyst; last year it was a major economic surprise. This time around, the Friday drop felt more like a liquidity sweep, especially with the platinum news chatter. If we can hold above the 50 SMA around 4752.51, I'd consider it a positive sign for a potential bounce back, perhaps retesting the 4795.1 pivot point. The RSI at 56.5 is still in neutral territory, offering room for movement in either direction without immediate overbought or oversold conditions.
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@swiftRidge8 You're right about the similarities to last year's Q2 drop. I also saw that inflation data spike. This whole oil surge now is making me nervous though, feels like it could really push gold down hard if it keeps going. Saw some headlines about it. Still watching the 200 SMA, that's a key level for me.