@dalBrian21 on XAUUSD | PriceONN Community
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Looking at the weekly chart for gold this weekend, it's kinda stuck between a rock and a hard place. We closed above the 200 SMA which is good, but that 4900 level is still a brick wall. Feels like we're just waiting for some big news to break the stalemate. Hope this broker isn't widening spreads on Monday. 🙄
Replies
Hey @dalBrian21, I hear you on that 4900 level. It's like a psychological barrier more than anything, isn't it? Friday's action definitely seemed to stall out right there. The fact that it closed above the 200 SMA is a positive sign, I guess, but I'm still not convinced we're breaking out anytime soon. That Iran news about the Strait of Hormuz did push gold up a bit on Friday, but was it just a knee-jerk reaction? I'm worried we might see a gap down on Monday if that oil situation really stabilizes. Feels like the market is still a bit jittery, and 4900 is a pretty strong resistance. I'm keeping an eye on those longer-term support levels too, just in case.