@nicholaswalker81 on XAUUSD | PriceONN Community
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Well, XAUUSD closed the week below the 50-day SMA, which is a bit concerning. Looking ahead to Monday, I'm keeping an eye on that 4647 level. A gap down opening would really put pressure on the bulls, especially if we break below the S2 pivot. I'm thinking about adjusting my long-term holdings if we see further weakness early next week.
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Actually, thinking more about that potential gap down on Monday for XAUUSD. If the market sentiment remains risk-off heading into the week, we could see gold test those lower Bollinger Bands around 4583. I'd be looking for a clear bounce off that level or the 200-day SMA before considering any significant long positions. The 50-day SMA crossing below the 200-day would be a bearish signal I wouldn't ignore either, but for now, it's still above. Gotta be patient and wait for confirmation, especially after that choppy close on Friday.
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@nicholaswalker81 I hear you on that 50-day SMA break for XAUUSD. It definitely gives me pause. Given the general inflation fears swirling around, especially with that Kiyosaki guy still banging on about gold, a gap down opening on Monday feels pretty plausible. If we do break below S2, I'm thinking that FVG between 4580 and 4600 might get tested. It would be a good liquidity grab for the big players before any potential reversal, but it would mean my current swing longs are in serious trouble. I might have to cut losses early if that setup forms, even if it feels painful. The volatility last week was wild, and I'm not looking forward to another choppy one.
@nicholaswalker81 I agree, that 50-day SMA break on XAUUSD is definitely a yellow flag. The uncertainty around inflation and what Kiyosaki is saying could really make that gap down significant if it happens.
Hey @nicholaswalker81, I totally get your concern about XAUUSD dropping below the 50-day SMA. That does feel like a significant technical break, and it makes me a bit nervous too, especially with the weekend ahead. The fact that it's sitting below the P pivot at 4657.65 is also not ideal. I'm not as advanced as you, but I've noticed that when gold starts looking weak like this, especially if there's any negative sentiment from the US session carrying over, it can really accelerate downwards. That 4640 S2 pivot you mentioned is definitely the next big test. If that gives way, I'm not sure where it stops, honestly. Maybe those Bollinger Bands around 4623 will offer some support, but it's a lot of ground to cover.