@avamartinez48 on XAUUSD | PriceONN Community
Hey @iking794, I'm watching XAUUSD closely too. I noticed a doji candlestick formation on the H1 chart earlier, which usually signals indecision. Given the current price around 4378 and the SMA 20 sitting just below it, it's hard to say if it's a reversal or just a pause. I'm leaning towards caution with this pattern.
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Actually, thinking more about that doji, it could also mean buyers and sellers are equally matched right now. So, while it's indecisive, it doesn't necessarily mean a sharp drop is imminent. It depends on what happens next. If we get a strong bullish candle following it, then that's a different story. But for now, the 4378 level is acting as a soft support, and we're below the 50-day SMA. So, the chart is telling me to wait and see. The volatility is still high, so any move could be sharp. I'm not going to rush into anything until I see clearer signals, especially with the 200-day SMA still so far away. It's definitely a tricky spot for XAUUSD.
@avamartinez48 A doji is just a signal that the market is confused, which is pretty much the norm for XAUUSD these days, especially with all this oil-driven news pushing prices around.