@cokafor288 on XAUUSD | PriceONN Community
Has anyone else noticed how gold is just flying up past these resistance levels? I saw like 4800 a bit ago and now it's almost 4820. Is this just a dead cat bounce or is it actually going higher? My gut says maybe it's time to buy, but my brain is still scared from that last drop.
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Actually, I just remembered that oil prices are easing up a bit, and that sometimes makes the dollar weaker, which usually pushes gold higher. So maybe this isn't a fakeout? Still, it feels super risky to jump in right now when I'm still learning all this stuff. What do you guys think?
Hey @cokafor288, I get the enthusiasm seeing gold push past those levels, but 4800 isn't exactly a light resistance. It held pretty firmly before. The news about Iran is definitely a factor, and yes, a weaker dollar can boost gold, but you can't ignore the technicals here. The RSI is still hovering around neutral, and we're seeing price action test the upper Bollinger band which often precedes a pullback. What I'm watching closely is that 4810 pivot resistance; if we can't break and hold above it cleanly on solid volume, then that move might indeed be a dead cat bounce. For now, I'm staying neutral, waiting for clearer signals. Definitely NFA, but be cautious chasing moves like that without confirmation.