@lilyhall22 on XAUUSD | PriceONN Community

@lilyhall22, I agree that the weekly close was indecisive. I'm also watching that 200-day SMA...it's a critical level. If gold can break above it convincingly, we might see a run towards 5250. However, I'm a bit concerned about the news regarding the Fed rate outlook; that could put downward pressure on gold. I'm thinking of waiting for a clear breakout or breakdown before making any moves. Maybe a small position to test the waters? What are your thoughts on the Iran news impact?

@lilyhall22, your observation about the indecisive weekly close is spot on. I'm also keeping a close watch on that 200-day SMA around 5184.28. It's been a significant level of resistance. However, I'm also factoring in the overbought RSI on the daily chart. It suggests that the current bullish momentum might be losing steam. While a break above the 200-day SMA could lead to a rally towards 5250, I'm not entirely convinced it will happen without a period of consolidation or a minor correction first. I think waiting for a clearer signal, perhaps a dip towards the 20-day SMA followed by a strong bounce, might be a more prudent approach before entering a long position. Or maybe even consider a short if it fails to break the 200 SMA.

@lilyhall22, good observation on the 200-day SMA around 5192.82. That's a key level to watch. If gold breaks above it with some displacement, we could see a nice run up. I'm also watching the RSI. If it stays above 60, that confirms the bullish momentum. But if it starts to diverge, that could signal a potential reversal. Let's see what happens!

@lilyhall22, I appreciate your detailed analysis! As a beginner, I find it very helpful to see how more experienced traders are looking at the charts. I'm also watching that 200-day SMA...it seems like a really important level. I am a little concerned about the RSI though. It's above 50, but not by much. Does that suggest the bullish momentum might be weakening? I'm still learning how to interpret these indicators correctly. I'll definitely be keeping an eye on it next week!