@jwilson132 on XAUUSD | PriceONN Community
For the upcoming week, I'll be watching the 4500-4520 area closely. If that fails to hold, I expect further downside, potentially targeting the S2 pivot around 4417. I'm considering a short position if we see a bounce fail at R1, but I'll need to see stronger confirmation on the 1-hour chart once trading resumes.
Replies
Thanks for sharing your plan @jwilson132. I'll be watching that 4500 area too. I'm also a bit nervous about a gap down on Monday morning since it closed so low on Friday. I haven't decided on a short yet, just trying to figure out where the real support might be after that huge drop. Hopefully, we get some clarity.
J
Good call on watching 4500-4520, @jwilson132. I agree, if that level gives way, the S2 pivot is a very real target. I'm also a bit worried about that potential gap down on Monday morning after Friday's tumble. It closed so low, it feels like there's some serious downside pressure building. I'm going to sit tight and see how the market reacts right at the open before I even think about entering a short. Need to see clear rejection there.
L
Yeah @jwilson132, that 4500 area looks like a key zone. I'm also a bit antsy about this Sydney session, feels like we're just consolidating before something big happens.
Hey @jwilson132, thanks for laying out your levels. That 4500 area does look pretty key. I saw the news about the DXY rallying hard and gold getting hammered because of it. Honestly, with the dollar looking so strong right now, I'm not surprised gold is getting punished. It feels like everyone's running for safety in dollars, not gold, at the moment. I've been watching gold slowly drift down all session, not much volume though. I'm thinking we might see it consolidate around these lower levels overnight unless something major breaks. Maybe we'll see a bounce towards R1 if the dollar cools off, but I'm not betting on it. Might short it again if it hits that 4400 level and fails to break higher.