@chloewhite45 on XAUUSD | PriceONN Community
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Ben, mate, relax! Markets closed, so all this XAUUSD craziness is just digital theatre for now. I was watching this bloke on YouTube, 'Gold Guru Gary' or something, and he was saying how the 4700 level for gold is basically a psychological barrier. He reckons with all the geopolitical noise and inflation whispers, it's gonna be choppy as hell. He was talking about how sometimes it just whipsaws around a major level before making a big move. Said to keep an eye on the 200 SMA too, which is way down at 4584. Apparently, if we break below that decisively, we're in for a real party... or a funeral, depending on your position!
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Hey @chloewhite45, I get the 'digital theatre' vibe when the market's closed, but honestly, I'm usually still watching Asian session action even when NY is winding down. Regarding 'Gold Guru Gary' and the 4700 level being psychological, that's definitely a factor. Retail often flocks to round numbers. However, from a technical standpoint, we're currently trading above the 50 SMA and the 200 SMA on the daily chart, which suggests a longer-term bullish bias despite short-term fluctuations. The current price action is consolidating around the 20 SMA and the middle Bollinger Band. I'm more focused on how price interacts with the immediate pivots like S1 at 4789 and R1 at 4803. Geopolitical noise is always a background factor for gold, but it usually needs a catalyst to really drive a strong directional move beyond simple fear hedging.
Hi @chloewhite45, I hear you on the market being closed, but I find it useful to track overnight movements, especially with how volatile gold can be. That 4700 level is indeed a psychological point, but I'm not sure I'd rely solely on a YouTube guru for trading advice, especially given the complexities of XAUUSD right now. The US-Iran situation is really putting a bid under gold, and it's hard to ignore that. Even with soft Euro area data, gold seems to be holding firm, which tells you something about safe-haven demand. I'd be more inclined to look at the R1 pivot at 4722 and R2 at 4730 as resistance levels to watch in the short term.
Hi @chloewhite45, I agree that 4700 is a key psychological level. However, don't dismiss overnight action entirely; it often sets the tone for the upcoming sessions, especially with gold's volatility.