@SwiftMark74 on XAUUSD | PriceONN Community
Closed my XAUUSD long from last week at 5110. Not a bad return considering the choppiness. Inflation fears are still supporting gold, but the dollar strength is a headwind. Taking profits here and will re-evaluate tomorrow. Need to see if this level holds or if we break down further. Enjoy your evening, everyone.
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And just to add, I'm also watching the 50 SMA on the H4 chart. It's acting as pretty good resistance right now. If we break above that, then I'll consider re-entering a long position, maybe around 5120-5130. But if it rejects again, then I'll look for a short opportunity. I'm also keeping an eye on the Middle East situation – that's a wild card that could send gold skyrocketing or plummeting depending on how things unfold. Need to be nimble. Plus, silver's recovery might give gold a little boost too, indirectly. Let's see what happens in the Asian session.