@priya1998 on XAUUSD | PriceONN Community
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Looking back at the weekly chart for XAUUSD, it closed below the 20-period SMA again. The 50-period SMA is still acting as support, but it's getting tighter. I'm watching the Bollinger Bands too; they're narrowing, which usually means a bigger move is coming. For next week, I'm looking for a potential retest of that 4740 support level if momentum falters. Cautious approach is key here.
Replies
@priya1998 I agree with you about the Bollinger Bands narrowing. That usually signals a big move is coming, but it's hard to tell which way it will go with gold right now.