@ashleymiller28 on XAUUSD | PriceONN Community
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Given the current bearish sentiment and the break below the Bollinger middle band, I'm leaning towards a further drop to test the 4350-4300 area in the coming days. The market seems to be digesting that stronger dollar narrative.
Replies
Hey @ashleymiller28, I hear what you're saying about the bearish sentiment and the Bollinger band, but this move up feels pretty strong to me right now. The price has pushed past the 50-day SMA and is flirting with the daily pivot. Plus, that news about the Iran conflict is definitely a major factor pushing gold. I'm not sure if we're going to see that drop to 4350 you're expecting anytime soon, especially if the dollar keeps weakening. The geopolitical tension alone is enough to keep buyers interested and push us towards that R1 level around 4562. I'm watching closely, but I'm hesitant to bet on a big drop just yet.