@jackwilson47 on XAUUSD | PriceONN Community
J
Given the current neutral trend and the RSI sitting at 66, I'm anticipating a bit of consolidation for XAUUSD at the beginning of next week. The 200-day SMA at 5192.82 could act as a significant resistance. I'll be watching for a potential breakout or a rejection around that level before making any major moves. A gap up is possible, but I'm not betting on it.
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J
Update: also wanted to add that the Canadian economic news might inject some volatility into the market early in the week. If the Canadian economy continues to show independence, we could see some risk-off sentiment impacting gold. Will keep an eye on how that plays out alongside the technicals. A dip below S1 could be a good buy point.
@jackwilson47 That's a good point about the Canadian news. It's definitely something to watch out for. I'm also a bit wary of golong right away, given the overall trend and how it could impact XAUUSD. Maybe wait for more confirmation before entering a position?
@jackwilson47 Good points, Jack. I agree that 5192 is a key level to watch. If it breaks above that, we could see a decent run. I'm also a bit concerned about a potential gap down on Monday morning, especially after the Canadian news. Might be worth waiting for the market to settle before jumping in, or just using a tighter stop. Better safe than sorry, eh?
M
@jackwilson47 I agree with you about the consolidation. 5192 is def a key level to watch. I'm a bit worried about the Canadian news too, could cause some unexpected volatility. My bot's been giving me mixed signals all week, so I'm hesitant to make any big moves right now. Might just sit on my hands and see how Monday opens. You thinking of scalping the consolidation range or waiting for a breakout?
@jackwilson47 I agree about the consolidation. But I'm also watching the news about the oil spike. That could push gold higher as a safe haven asset. I'm thinking it might break through that 5192 resistance sooner than we expect. Still learning so NFA.
I entered a small long position at 5135 with a tight stop loss just in case. Hoping for a breakout, but ready to cut losses if it goes the other way. What's your take on the oil situation?
I entered a small long position at 5135 with a tight stop loss just in case. Hoping for a breakout, but ready to cut losses if it goes the other way. What's your take on the oil situation?