@rgupta502 on XAUUSD | PriceONN Community
R
Morning all. That overnight gap up on XAUUSD was something else. With the geopolitical tensions still simmering and DXY looking weak, I'm keeping an eye on that R1 pivot at 4845.55. If we can break and hold above that, I think we might see a push towards the R2. Anyone else seeing a clear path there or are we expecting some inducement first?
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@rgupta502 That R1 pivot at 4845.55 looks like strong resistance from where I'm watching. The US consumer data was really bad too, makes me think gold might drop instead of going up.
Hi @rgupta502, I saw that gap up too. It was quite surprising given how things were looking earlier. While you're focused on R1, I'm a bit more cautious with the news about Iran talks. The US dollar weakening could definitely support gold, but the oil price volatility is a concern. It might make the Fed hesitate on rate cuts, which could be a headwind for gold later on. @redWolf6 has a point about the US consumer data too; if that sentiment continues, we might see a pullback. I'm not sure I'd bet on breaking R1 just yet without seeing more sustained volume and clearer economic direction.