@leewei67 on XAUUSD | PriceONN Community
Thinking more about @kdevi84's point regarding the dollar weakness and gold's push... I've been watching the DXY chart alongside XAUUSD, and it seems like the dollar's dip is directly fueling this gold rally, especially with that inflation chatter coming out of Europe. We're seeing gold test resistance around the R1 pivot at 4549. If we can break and hold above that, especially with decent volume, I'd be looking for a push towards the 4580 Bollinger band resistance and maybe even higher if sentiment stays bullish. But if it stalls here, a pullback to the central pivot at 4530 is very possible.
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You're right, @leewei67. The DXY action is definitely a primary driver for gold right now. If the dollar continues to weaken next week, that could provide a solid tailwind for XAUUSD.