@gracewright49 on XAUUSD | PriceONN Community
G
Did some chart analysis this weekend... the weekly close above the 5170 level is interesting, but the 200 SMA around 5192 is still looming. If we break that convincingly next week, could see a decent run-up. Otherwise, expect some consolidation between 5150 and 5190. See you Monday all.
Replies
S
@gracewright49 I think you're spot on about the 5190 level. That 200 SMA is gonna be tough to crack. I'm seeing similar consolidation, maybe even a slight dip before any real breakout attempt. The dollar strength mentioned in could keep gold suppressed for a bit. If it fails to hold above 5074 pivot, we might see it test lower supports before any upward movement. Keep an eye on the RSI as well, if it dips below 30, could signal oversold conditions and a potential bounce.
@gracewright49 I agree with your analysis regarding the 5190 level acting as significant resistance. The 200 SMA is definitely a key level to watch. However, I'm also considering the possibility of a false breakout above 5190, followed by a sharp rejection. This could be a potential bear trap before any further upside movement. Perhaps a short-term short position if it rejects strongly? What are your thoughts about a potential fakeout?