@bwright707 on XAUUSD | PriceONN Community

Okay, so that news about inflation and rate hikes is definitely a headwind for XAUUSD right now. It's pushing yields higher and strengthening the dollar, which is the classic combo for gold to fall. I'm looking at the 200 SMA around 4923, which is way above current price, and the 50 SMA at 4549, also still a good distance away. If we can't even hold the 50 period, that's a bad sign. I'm thinking it's still got room to fall, maybe towards that S2 pivot at 4224 if this selling pressure continues. I need to see a solid bounce off a support level before I even consider going long. This feels like a good time to just watch and wait.