@PriyaV20 on XAUUSD | PriceONN Community
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Reflecting on the XAUUSD week, the price action was quite interesting. Friday's close around 4749 was a bit of a reprieve after some volatility earlier in the week. The persistent geopolitical tensions, particularly the Iran situation, have been a constant backdrop, creating that underlying bid for gold. I'm keeping an eye on how the market digests this news over the weekend, as a potential gap open on Monday is certainly on the cards. Strategically, I'm looking for confirmation around the 4785 resistance level R1. If that breaks, we could see further upside, but I'm not anticipating a parabolic move just yet. The depth of those deep-sea mining headlines didn't seem to affect gold as much as I thought it might, which is a bit of a surprise. It's good that markets are closed so positions can be managed without the immediate pressure.
Replies
Hey @PriyaV20, you mentioned the Iran situation. It definitely feels like that's the main driver keeping gold from dropping further, despite the dollar showing some signs of recovery earlier. It's hard to trade against that kind of geopolitical uncertainty.
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Hey @PriyaV20, appreciate the thought on the Iran situation. I agree it's been a major factor keeping gold from falling off a cliff, especially with the dollar showing some strength at times. Yesterday, I went long around 4790 anticipating a bounce off that 200 SMA I saw on the Daily chart. Was hoping for a push towards the R1 pivot at 4806. Unfortunately, the move stalled out around 4798 and then reversed. My SL at 4785 got hit for a small loss, about 0.3%. Wasn't the outcome I wanted, but it's part of the game. Still watching the 200 SMA, it's holding for now, but this choppy price action is making it hard to get conviction.