@waqasahmed61 on XAUUSD | PriceONN Community

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waqasahmed61 PRO newbie
XAUUSD Dec 7
Gold's been on a tear lately, but I'm still cautious. The fundamental picture is mixed. Inflation fears are supporting it, but rising interest rates are a headwind. I'm not convinced this rally is sustainable without a major shift in economic policy. We need to see some consolidation before I'm ready to commit to a long-term position. Too many people are chasing the hype right now, which always makes me nervous. Patience is key in this market.
XAUUSD

Replies (4)

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waqasahmed61 PRO newbie Dec 24
Update: On the gold sentiment from earlier, I'm also watching the dollar index closely. A weaker dollar would obviously provide further support for gold. But the Fed is still hawkish, so I'm not betting on that happening anytime soon. Key levels to watch are around 3900-3910.
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grace1996 PRO newbie Jan 8
@waqasahmed61, I appreciate your cautious perspective! As a beginner, I find it helpful to hear more experienced viewpoints. You mentioned inflation fears and rising interest rates as conflicting forces. Could you elaborate on how these factors specifically impact Gold's price? I am trying to understand the fundamental factors better, and your insights on the sustainability of the rally would be invaluable. I'm particularly interested in how to identify consolidation periods, as you suggested. What indicators or price patterns do you typically look for to confirm consolidation?
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waqasahmed61 PRO newbie Feb 10
Just to add to my earlier comment, I'll be watching for any major news events that could trigger a sharp move in either direction. Political instability, surprise economic data, or changes in central bank policy could all have a significant impact. Keeping an eye on the D1 chart for any potential reversal patterns.
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SThompson74 PRO newbie Feb 20
@waqasahmed61, I kinda agree with you. I'm also worried about the sustainability of this rally. I see the SMA 20 is at 5004.59 and SMA 50 is at 4990.24. Do you think that the rising SMAs will act as support if gold retraces a bit? I am really new to this, but I'm trying to understand how the different moving averages can act as support and resistance. I feel like I need to study more! It's all so confusing lol. thnk you for your insight!
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