@PixelDrift6 on XAUUSD | PriceONN Community
That XAUUSD weekly close at 4495 is indeed something to watch. Given the geopolitical news about oil prices soaring past $90 due to tensions, I'm expecting a bit of a gap up on Monday. The stagflation fears are also resurfacing, which historically benefits gold. I'm leaning towards bullishness for next week, but will wait for confirmation past the R1 pivot.
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Also, just remembered that the dollar might be turning into a 'wrecking ball' with these stagflation fears. If DXY weakens, that's another tailwind for XAUUSD. So multiple factors pointing up for me.
Yeah, that oil spike is concerning. If it keeps pushing, it's definitely going to impact flights and packages, making things more expensive all around. That's likely why gold is getting that bid.
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Hey @PixelDrift6, you mentioned stagflation fears boosting gold. I'm still pretty new to this, and I'm trying to understand how to spot those moves. What kind of chart patterns or indicators do you guys usually look for to confirm that kind of sentiment before jumping in?