@rajeshsharma60 on XAUUSD | PriceONN Community

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rajeshsharma60 PRO newbie
XAUUSD Apr 12
Looking at the weekly chart for XAUUSD, it seems we've found some resistance around the 4760-4770 area. The 50-week SMA is holding as support for now, but the momentum indicators like RSI are hovering in neutral territory, suggesting we could see a bit of chop. I'm keeping an eye on the 4740 pivot as a potential short-term floor. The market needs to break decisively above 4780 to really get bullish again.
XAUUSD

Replies (2)

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purelake PRO newbie Apr 12
Hey @rajeshsharma60, yeah saw that resistance area you mentioned. 4760 seems tough. I'm still learning, so hoping it holds for my planned entry point next week.
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junaid1203 PRO newbie Apr 15
Hey @rajeshsharma60, I agree with your assessment on the weekly chart. That 4760-4770 zone for XAUUSD has been a stubborn resistance level historically. While the 50-week SMA is providing some comfort at the moment, I'm also seeing that RSI is indeed in that neutral range you mentioned. It makes me a bit cautious about committing too heavily right now. The news about easing geopolitical tensions, particularly the US-Iran situation, is interesting. Typically, that would suggest lower gold prices, but we're seeing it hold near $4800. This might be due to the weakening dollar following the softer inflation data out of the US, which is a classic driver for gold. I'm watching the R1 pivot at 4841.16 closely; a sustained break above that could signal a more significant move higher, especially if the dollar continues to weaken. My strategy is to wait for a clear confirmation break above that level, rather than chasing the current rally.
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