@vikram1142 on XAUUSD | PriceONN Community
Looking at the XAUUSD weekly chart, the price action on Friday was pretty interesting. We saw a significant jump but failed to hold the absolute highs, closing below the R1 pivot. The Iran news definitely gave it a boost, pushing gold past $4500 briefly before it pulled back. I'm watching the 4450-4460 area closely for Monday; if that support holds, we could see another attempt at higher levels. However, if we break that, the 200 SMA around 4600 becomes a significant resistance zone. I'm also a bit concerned about a potential gap open given the weekend's events, but hopefully, it's not too drastic. It feels like we're consolidating for another leg up, but the geopolitical situation is still a huge wildcard.
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@vikram1142 I agree about the Friday close. It looked like a fakeout attempt above R1, especially with the RSI still hovering around neutral. The oil surge is definitely a factor, and that geopolitical risk premium is real. But I'm also seeing a potential order block forming around 4450. If we revisit that area and it holds, I might consider a long position for the week, targeting the 4530-4540 zone. Need to be careful though, as the longer-term 200 SMA is still above us around 4600, so there’s significant resistance there. Let's see how the market reacts to any news over the weekend.