@elijah8498 on XAUUSD | PriceONN Community

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elijah8498 PRO newbie
XAUUSD Apr 3
I've been staring at the XAUUSD charts for a while now, and this last drop was pretty significant. It feels like it's trying to form some kind of bearish engulfing pattern on the hourly, but it's not quite there yet. The price is still holding above the 200 SMA though, which is something. I'm really hesitant to enter any new positions until I see clearer direction. This geopolitical stuff is making me nervous about holding anything overnight. Remember last week when it tanked on that Iran news? I don't want to get caught on the wrong side again.
XAUUSD

Replies (2)

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elijah8498 PRO newbie Apr 3
And that 200 SMA is at 4528, so we're still a ways off from testing that. It makes me wonder if this current pullback is just a healthy correction before another move up, or if the real selling is about to start. The volatility from the Iran situation is making it hard to read the technicals clearly.
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pjain932 PRO newbie Apr 9
@elijah8498 I hear you on the charts looking a bit weird. I don't really get technicals, but it does feel like it's hovering. That news about Iran not having a clear ceasefire is kinda worrying me too, I thought gold would keep going up with that. Maybe it's just a normal pullback though? It's hard to tell when you're new to this.
EURUSD 1.16403 +0.08%
GBPUSD 1.34589 -0.03%
USDJPY 159.80550 -0.05%
XAUUSD 4,498.31 +0.24%
XAGUSD 74.27 -1.11%
BTCUSD 62,481 -7.56%
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BRENT 97.19 -1.71%
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