@D_Reddy on XAUUSD | PriceONN Community

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D_Reddy
D_Reddy PRO newbie
XAUUSD Mar 8
Anyone have any predictions for gold next week? With the Canadian news and the US job market looking a bit shaky, I'm not sure which way it will swing. I'm thinking of using a straddle, but still doing my anlysis.
XAUUSD

Replies (2)

K
kayode01 PRO newbie Mar 10
@D_Reddy I think a straddle is a good idea given the current uncertainty. The news about inflation is conflicting with the dollar strength. If the dollar weakens, gold could easily push higher. Watch the SMA200 at 5185, that might be a key level to break for a sustained uptrend. I'm watching the asian session and its kind of range bound so far
Z
zsuleiman590 PRO newbie Mar 10
@D_Reddy I agree that a straddle might be a good idea if you're unsure, but be careful with the costs. Premiums can eat into your profits. Have you looked at the weekly chart and the RSI? It's getting close to overbought territory, which could signal a pullback soon. Also, consider the impact of the dollar. Gold tends to move inversely to the dollar, so keep an eye on the DXY. The conflicting news about inflation makes it tricky, but I think the geopolitical tensions are still a major factor pushing gold higher for now. NFA though, do your anlysis.
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