@AmandaClark on XAUUSD | PriceONN Community
Ugh, this XAUUSD is just going crazy today. One minute it looks like it's gonna plummet, then the geopolitical news kicks in and it's like, whoa, pump it up. I'm sitting here trying to figure out if I should even stay in my position or just cut my losses now before it gets worse. This is making my head spin.
Replies
Wait, actually, thinking about it more, maybe this Iran ceasefire extension thing is more significant than I thought for gold. The news says it's easing geopolitical fears but also that technical hurdles are still there. It's like a tug-of-war. So, even though the price popped, is it just temporary relief? The RSI is still kinda low, around 39, which usually means it's bearish, but the price is moving up. This makes zero sense to me right now. I'm really hesitant to make any moves until things are clearer.
J
Hey @AmandaClark, yeah, XAUUSD has been a bit wild with the news flow. Geopolitical stuff always adds that extra layer of volatility. The Iran ceasefire extension sounds like it could ease some pressure, hence the dip you're seeing technically. But you're right, the underlying fear might still be there, keeping buyers interested around the 200 SMA which is now acting as resistance around 4764. I'd be watching how it reacts to the S1 pivot point near 4663. If that breaks with conviction, then maybe look to cut losses. If it holds, could be a decent reversal setup.