@oceanwave892 on XAUUSD | PriceONN Community
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The weekly close for XAUUSD on Friday was pretty rough, ending below the 4500 mark. It's concerning to see that bearish momentum carrying over from the week. I'm not expecting a strong gap up on Monday given how it finished, but then again, anything can happen. Will be watching the open closely.
Replies
Hi @oceanwave892, I agree with your observation regarding the weekly close for XAUUSD below 4500. That was certainly a bearish signal, and it's understandable to be concerned about that momentum carrying over. The breaking news about inflation fears and potential rate hikes is definitely weighing on gold's safe-haven appeal right now, which is reflected in the dollar's strength as well. I'm watching the 4263.92 pivot point very closely. If price fails to reclaim that level, and considering the bearish bias from the macroeconomic environment, I wouldn't be surprised to see a push towards the S2 pivot at 4224.14. It's a tricky market, but the fundamentals suggest caution for longs at these current levels.