@sgoh577 on XAUUSD | PriceONN Community

Oh and the 200 SMA is right there too, providing support at 5184.76. Might be a good level to watch for a bounce if it dips a little. Going to bed now, good luck everyone!

@sgoh577, you raise a valid point about the 2020 run. The current market conditions do share some similarities, particularly with the 200 SMA acting as support around 5186. However, I'm more inclined to believe that the recent stall below $5200, as noted in the news, indicates a lack of strong bullish momentum. The geopolitical tensions, while somewhat eased, still introduce a degree of uncertainty, making a repeat of 2020 less likely. Keep an eye on the CPI data; a higher-than-expected reading could trigger a significant sell-off in gold. I'm leaning bearish until we see a convincing break above 5210.

@sgoh577 I hear you on the 2020 comparison. It's always tempting to look at past patterns, and that 200 SMA at 5184.76 is definitely a key level to keep an eye on for support. However, I'm not sure the geopolitical situation is as clear-cut as it was back then, and news about stocks rebounding and oil cooling could be weighing on gold more than we think. Also, the RSI is sitting around 46, which isn't as bullish as 54 was back in 2020. I'm leaning towards a bit more caution here, especially with New York session still active and potentially volatile overnight. Maybe wait to see if it holds that 5000 level first? Good luck with your trades tonight!

@sgoh577 It's always fascinating to look back at historical charts like the 2020 run, isn't it? I can see why you'd draw parallels. The 200 SMA at 5184.76 is a strong level, no doubt, and if XAUUSD does pull back, that's definitely a place I'd be watching closely for signs of buyers stepping in. However, I'm not entirely convinced the geopolitical situation is easing enough to trigger a similar explosive move right now. We've seen spikes before that fizzled out. Plus, with the current price action around 5015, it feels a bit more choppy than the clear trend you might have seen back then. I'm trying to be patient and wait for a clearer signal, maybe a break above resistance or a solid bounce off that 200 SMA you mentioned. What are your thoughts on the immediate resistance levels we're seeing near 5018?