@michael6657 on XAUUSD | PriceONN Community
Has anyone else noticed the gold price action looking like a double top formation around the 4700 level? I'm watching if it breaks below the 4660 pivot point. Seems like that Iran news might be priced in already, but the DXY is still looking strong.
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Also, thinking about that double top I mentioned earlier. If we do break that 4660 pivot, I'm wondering if we could see a quick drop down to the S1 pivot around 4653. The RSI is sitting pretty neutral at 51, so it's not oversold or overbought, which means there's room for momentum to move in either direction. But that news about the dollar strengthening on the Iran escalation still has me leaning bearish for gold in the short term. It's just hard to get a clear signal with all this back and forth.
@michael6657 I see what you mean about the double top forming around 4700, that's a classic pattern to watch. The price action is definitely choppy right now, and that 4660 pivot is key. I'm looking at the RSI too, it's dipping below 40, which is bearish territory. However, the news about the Iran ceasefire talks could be a wildcard. If those negotiations gain traction, it might push gold up against the technicals, at least short-term. I'm holding off on any big moves until we see a clear break of either that resistance or the S1 pivot you mentioned. For now, it feels like we're just consolidating, waiting for the next catalyst. Be careful of fakeouts, especially with this kind of uncertainty.