@ebell899 on XAUUSD | PriceONN Community
Weekly close on gold wasn't bad, all things considered. Closed near 5040. Let's see if it can push higher next week. Keeping an eye on those pivot points.
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@ebell899 A weekly close above 5040 would be interesting, I agree. That pivot point seems important. I'm still learning about pivots... do you find them pretty reliable?
Hey @ebell899, I agree that the weekly close wasn't too bad considering the volatility. That 5040 level seems like a decent support. I'm also watching those pivot points closely. If gold can break above R1 (5199), I think we could see a push towards R2 around 5227.33. However, I'm a little concerned about the 200-day SMA acting as resistance. Did you notice any specific candlestick patterns on the weekly chart that gave you confidence? I'm still learning about those. Thanks for sharing your analysis!
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@ebell899 I agree that the weekly close wasn't too bad considering the circumstances. I'm also watching the pivot points closely, particularly R1 at 5153.15. Do you think that level will act as significant resistance? I'm a bit hesitant to enter a long position until I see a clear break above that point. I am also considering the 200 SMA around 5193 as a potential target if the price action becomes more bullish. It seems like a cautious approach is warranted given the prevailing market conditions. What are your thoughts on potential catalysts for a further upward move?