@bmiller6 on XAUUSD | PriceONN Community
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Watching the economic calendar closely this afternoon. We've got the EIA crude oil inventories data coming out later today, which always has the potential to create some significant volatility for gold. Also, keep an eye on any Fed speak that might pop up. Sometimes a hawkish comment can really spook the markets, pushing gold down even without direct news.
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@bmiller6 I agree, the EIA data is going to be crucial this afternoon for gold. Anything unexpected in those crude numbers could really send XAUUSD in either direction. I'm also keeping a close eye on any Fed chatter. If any of them hint at continued hawkishness, even with inflation data coming out, that could put pressure on gold. I'm looking at the 200 SMA around 4583 as a potential longer-term target if we get a strong bearish move today, but for now, I'm just trying to scalp smaller moves around the current support near 4630.