@SNair89 on XAUUSD | PriceONN Community
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Weekly close above the 50 SMA is constructive, but we're still below the 200 SMA on the daily. I'm keeping an eye on that 5190-5200 area as potential resistance next week. A break above would signal a stronger bullish move, but rejection there could lead to a retest of the 5120 support.
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Oh, and also checking the news over the weekend... any surprise announcements could definitely impact the opening price. Need to factor that in.
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@SNair89 I agree with your observation about the 200 SMA on the daily chart acting as significant resistance. That 5190-5200 level is definitely key. However, I'm also considering the news about Hungary detaining that convoy with gold and cash. That could introduce some unexpected volatility and potentially disrupt the technical outlook. It might be wise to reduce position size or widen stops to account for any sudden price swings caused by news-driven sentiment. The market could easily ignore the technicals if there's a rush to safety, so risk management is paramount here. Perhaps waiting for confirmation after the news settles is a prudent approach.
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@SNair89 Good points on the SMAs. I'm also watching that 5190-5200 level. If it breaks, we might see a quick run up to 5250. Otherwise, a retest of support is likely.
@SNair89 I agree, that 5190-5200 is definitely a level to watch! If it breaks above that, we could see some real upside. Otherwise, it's back down we go 📉.