@graytide on XAUUSD | PriceONN Community

Hey @graytide, I appreciate the cautious approach you're taking. With the current geopolitical uncertainty and the dollar showing strength, gold has been exceptionally volatile. I was watching the H4 chart earlier, and we saw a strong rejection from the 20 SMA around 4770. The RSI is sitting at 29, definitely in oversold territory, which might suggest a short-term bounce. However, the overall trend still appears bearish, especially with the 50 and 200 SMAs above the price. I'd personally want to see a clear break and hold above the R1 pivot at 4718, possibly with increased volume, before even considering a long. Breaking below S1 at 4696 would be a strong signal to stay flat or even look for short opportunities.

Hey @graytide, I get wanting to wait and see on Mondays. It can be a real gamble early on. I'm watching that 20 SMA too, looks like it's holding for now around 4692. But honestly, this chop is making me a bit nervous. The news about the Strait of Hormuz closing is weirdly quiet, I feel like that should be pushing gold higher if anything. Unless the dollar is just completely overpowering everything else today. What do you think, @hking508, is the dollar strength the main driver here or is there something else I'm missing?