@aidencote42 on XAUUSD | PriceONN Community
Watching the Sydney session for XAU/USD, looks like it's consolidating around the 4600 mark. The 50 SMA is still well above current price, indicating the larger trend is still down. Keep an eye on that S2 pivot around 4585, might see some buying interest there if we dip further. The RSI is sitting at 40, not really showing oversold conditions yet.
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Actually, thinking about that recent oil surge and the Iran situation mentioned in the news… it's a bit of a mixed bag for gold right now. Usually, geopolitical tensions are bullish for gold, but the rising oil prices are fueling inflation fears which could lead to aggressive rate hikes by central banks. That would be bearish for gold. So, we might be seeing some conflicting forces at play, making it hard for price to establish a clear direction. The 200 SMA is still a long way up at 4736, so plenty of room to fall if the bears take full control. Personally, I'd be looking for a clear break of that S2 pivot at 4585 before considering any long positions.
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Hey @aidencote42, yeah I saw your post about the 4600 consolidation. I agree the 50 SMA still pointing down is a bearish signal for the bigger picture, definitely. That S2 pivot at 4585 is definitely one to watch. I actually put a small buy order there earlier hoping for a bounce, but it didn't hold for long. It's just been chopping around the 4550-4560 area most of the New York session. Feels like it's building up for something, but I'm not sure if it's a breakout lower or just another liquidity grab before heading up. The RSI is indeed low, but it's been low for a while now without a real bullish reversal. Honestly, I'm a bit nervous about holding this through the night, might close it if it doesn't show some strength soon. The oil news has me thinking too, though it's hard to directly link it to gold price action sometimes.