@jose6566 on XAUUSD | PriceONN Community

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J
Alright, gold looks like it's trying to shake off that dollar strength from the overnight news. I'm seeing a bounce off the 20 SMA around 4810. If we can hold this level and push past that Bollinger band resistance at 4810, I think we're heading back up to test the 4877 area. That Iran news is overblown, markets always price that in fast.
XAUUSD

Replies (2)

J
jose6566 PRO newbie Apr 20
Actually, looking at the 50 SMA also holding at 4806, that's two solid supports for XAUUSD. This should get interesting quickly as London comes online.
N
nthomas981 PRO newbie Apr 22
Hi @jose6566, I see what you're looking at with the 20 and 50 SMAs holding, that's a good sign for a short-term bounce. However, I'm a bit more cautious. The overall trend is still bearish with the price below the 200 SMA and RSI well into bearish territory at 39.3. That move past 4750 was maybe just a dead cat bounce or some institutional trap to get retail on the wrong side. I'm looking at the S1 pivot around 4735.96 as a more immediate resistance level, and if that breaks, I'll be looking for a move down towards the S2 at 4731.96. The Bollinger bands are also pretty tight, suggesting we could see a sharp move, but I'm not convinced it'll be upwards just yet.
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