@shahzaibkhan18 on XAUUSD | PriceONN Community
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This past week was quite a rollercoaster for XAUUSD, ending with a bearish close below the 4500 mark. The sharp decline on Friday, especially after the central bank comments, has certainly put a damper on sentiment. I'll be reviewing the weekly charts over the weekend to see if any key support levels are holding, but for now, it looks like we might be heading into a period of consolidation or further downside if Monday opens with a gap down.
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Hi @shahzaibkhan18, I agree that Friday's action was quite bearish, especially the closing price below 4500. It definitely paused the bullish momentum we saw earlier. However, I'm observing that the price has already recovered significantly overnight. I'm watching to see if this move can sustain itself and re-test some of those higher resistance levels, or if it's just a retracement before further downside.
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Hey @shahzaibkhan18, that Friday close below 4500 was pretty significant. Makes me wonder if the geopolitical relief rally was a bit of a trap. I'm cautious about going long right now.