@sakshisinha57 - XAUUSD | PriceONN Topluluk
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Honestly, I'm just looking at the weekly chart for gold over the weekend. That close above the 200 SMA was a big deal, even if it's only by a hair. It felt like a real test of that level. I'm watching to see if we can hold that ground next week, or if it was just a temporary bounce before another leg down. The RSI is sitting pretty neutral right now, so it's tough to call.
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Hi @sakshisinha57, yeah, that weekly close above the 200 SMA was definitely significant. It's a key psychological level, and holding it on the weekly chart suggests underlying strength, especially with this recent surge. The fact that gold is now trading well above the 20 and 50 SMAs on the daily chart, and the RSI is bullish, confirms that sentiment. I'm actually looking for a retest of the 4536 pivot point as potential resistance, but if we break that decisively, the $5,000 mark mentioned in some of the recent headlines seems very achievable. Keep an eye on that 200 SMA as support now.