@OceanWave44 on XAUUSD | PriceONN Community
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This gold market is making me so nervous. I thought after that Iran news it would go up, but it just keeps dipping. Feels like we're just going in circles and my account is slowly shrinking. Is anyone else feeling this uncertainty?
Replies
Hey @OceanWave44, I hear you. This past week has been a bit of a grind for gold, hasn't it? That Iran situation has been a double-edged sword, pushing oil up but keeping gold in this tight range around 4700-4750. It's like the market can't decide if it wants to price in conflict risk or focus on the economy. From a technical perspective, the RSI is sitting at 50.4, which is pretty neutral, and we're seeing price action hug the 20-week SMA. The fact that it hasn't broken that 4700 support is a good sign for the bulls, but we need to see a clear move above 4750, maybe even challenging that 200-week SMA around 4774, to feel confident about a sustained uptrend. Until then, choppy markets are likely, and it's easy to get squeezed out like you're experiencing.
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Hey @OceanWave44, I get what you mean. This week felt like we were just treading water. The Iran news should have been a bigger catalyst for gold, but it's been stuck. Hopefully, next week brings some clearer direction.
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Hey @OceanWave44, I feel you on the uncertainty. It's like gold can't make up its mind. I saw that oil news too, and honestly, I'm not sure how much it's really affecting gold right now. It feels like we're stuck in this range, and my account is feeling it too. Hopefully, things clear up next week.