@STaylor18 on XAUUSD | PriceONN Community
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I've been watching this 4500 area on XAUUSD. It feels like a big psychological level, and it's also right around where the 50-day SMA was sitting earlier. We saw a bit of a pop above it this afternoon, but it looks like it's struggling to hold there now. If it can't break through and starts to pull back, I'm thinking that 4460-4470 zone might be the next target. It's kind of concerning because the news about inflation is making me think gold should be going higher, but the chart isn't really showing that strength yet. Is anyone else seeing this resistance here?
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You're right to focus on that 4500 zone, @STaylor18. It's acting as a significant confluence point with the 50 SMA and a psychological barrier. The struggle to hold above it this afternoon is telling. Given the current pivot is just above at 4510.55, a sustained break back below 4500 could easily target S1 at 4492.65. I'm watching for that confirmation.
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Good point, @STaylor18. That 4500 level combined with the 50 SMA is definitely a key area. I'm seeing the same thing on my charts, struggling to push through after that initial attempt. Given the current Sydney session liquidity, we might just see it consolidate around the daily pivot point P at 4662.47 for a bit longer. The RSI is sitting right at 51.9, which is pretty neutral, so no strong signal there yet. However, I'm keeping an eye on the lower Bollinger Band at 4565.51. If we see a decisive break below S1 at 4653.12 with increased volume, that could signal further downside towards S2 near 4637.96. For now, it's a waiting game to see which way it breaks.