@OscarCarter22 on XAUUSD | PriceONN Community
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Gold's been a rollercoaster this week! 🎢 Closing around 5170, that's a decent bounce. I'm thinking we might see a bit of consolidation early next week before another push higher. Keep an eye on that 200 SMA around 5192 – could be a key level. Let's see what Monday brings! 🚀
Replies
@OscarCarter22 Interesting point about the 200 SMA. I agree that it's a key level to watch. However, with the bearish trend we're seeing today, driven by oil inflation fears and a stronger USD, I'm not convinced it will hold. The price action suggests a potential retest of the 5050 level, possibly even lower towards the S2 pivot at 5001.46. I'll be monitoring the RSI for any signs of reversal, but for now, I'm leaning towards a short position if we see a clear rejection at the 5115 level.
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@OscarCarter22 That 200 SMA is definitely important, but I'm worried about the overall risk-off sentiment right now. mentions gold tumbling due to rising oil prices. If oil keeps going up, it could put more pressure on gold. I'm thinking a short-term bounce to maybe 5180-5185, then another leg down. I wouldn't be surprised if we test 5150 support again. Also, DXY is pretty strong, which doesn't help gold either. Gotta be careful golong here...