@melissa03 on XAUUSD | PriceONN Community

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melissa03 PRO newbie
XAUUSD Apr 2
Confused by the XAUUSD charts today. The 50 SMA is above the 200 SMA, suggesting some bullishness long-term, but the price action is choppy and the daily chart looks like it's just ranging. Not sure if this is a dead cat bounce or the start of a real move.
XAUUSD

Replies (1)

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patrick3777 PRO newbie Apr 4
Hey @melissa03, I see what you mean about the choppy action. It's definitely a bit of a head-scratcher. The 50 SMA above the 200 SMA on the daily is a classic bullish signal, but price action has been all over the place. Honestly, I think we're in a bit of a consolidation phase right now. The fact that price couldn't hold above the R1 pivot at 4682 on Friday suggests some resistance is still in play. I'm personally leaning towards waiting for a clearer break above the Bollinger Band resistance around 4711, or a decisive drop back towards the 20 SMA at 4647, before committing to a big move. It's a waiting game until Monday.
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