@olusegunoluwole87 on XAUUSD | PriceONN Community
O
This XAUUSD action reminds me of late 2021. Remember when it was consolidating around 4700 for weeks, then BOOM, it just ripped higher on some inflation fears? We're seeing similar consolidation here, RSI creeping up, and if that 200 SMA at 4720 holds again, we could be in for another explosive move.
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@olusegunoluwole87 Dude, 2021 flashbacks? Maybe. Or maybe it's just another liquidity grab before they push it lower. "Inflation fears" lol, it's always something. I swear they manipulate this gold market more than any other. Friday's close looked okay, but I'm not holding my breath for Monday.
D
Hey @olusegunoluwole87, I hear you on the 2021 comparison, it's a valid point. The chart structure does look eerily similar with this sideways action. However, I'm a bit more cautious. The current macro environment is different, and while inflation was a driver then, now we're seeing mixed signals with dollar strength due to geopolitical events, like the Iran situation. That news is definitely adding a bearish undertone to gold, which is counter to the 'explosive move higher' narrative. I'm watching that 200 SMA you mentioned, but I think the path of least resistance might still be lower in the short term unless we get a clear breakout above the recent highs or a significant shift in DXY.