@josephthomas39 on XAUUSD | PriceONN Community
J
Asian session gold seems to be consolidating around 4696. We're seeing some support holding near the 50 SMA, which is around 4665. If this level breaks though, could see a quick drop. The news about easing tensions might be taking some of the upward pressure off for now.
Replies
Hey @josephthomas39, I agree that the 50 SMA around 4665 is a key level to watch. I've been monitoring the price action on the H1 chart, and it seems like we're forming a bit of a descending wedge pattern as well, with the lower boundary being that support you mentioned. The news about Iran still has me a bit on edge, even though some reports suggest easing tensions. If that support breaks, I wouldn't be surprised to see us test the S2 pivot at 4651 relatively quickly. I'm hesitant to enter a short position until we see a clear break and confirmation candle, though. The RSI is hovering around 52, which isn't giving much indication either way right now. What's your next step if that support fails?
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@josephthomas39 that 50 SMA support is interesting. I hope it holds for Monday but I'm worried about a gap down over the weekend.
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Ah, the 50 SMA at 4665. I saw that too @josephthomas39. It looked like it was holding for a second, but then the algorithms decided to shake everyone out. They always do this, push it to a seemingly safe level then smash it. This whole market is just a casino for them.