@LYoung29 on XAUUSD | PriceONN Community
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Alright, taking a look at the weekly chart for XAUUSD. That close above 5170 is interesting, especially with the RSI still showing bullish momentum. However, we're still under the 200 SMA. Need to see if it can break that 5190 level decisively next week to confirm a true breakout. I'll be watching the UK GDP news this week, might cause some volatility.
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Hey @LYoung29, good point about the 200 SMA! I'm also keeping an eye on that level. If XAUUSD can break through it with some decent volume, I think we could see a run up to 5200 pretty quickly. But if it fails, I'll be looking for a potential shorting opportunity back down to the 5120s maybe?
Hey @LYoung29, I saw your comment about the 200 SMA. That's a really important level to watch! If gold can break above 5190 with good volume, then its going to be good for bulls. But if it fails to break, we could see a bigger correction downwards. Thanks for sharing!
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Hey @LYoung29, good anlysis! I agree that 5190 level is key, especially considering the 200 SMA sitting right there. I'm also watching for a potential inducement play before any major move. Could see a fakeout above 5190 to grab liquidity before a real push higher or a drop, so risk management is crucial. The RSI is bullish, but we need to see confirmation in price action. Keep an eye on volume too; a breakout without volume is just a trap waiting to happen. I'm still bullish overall considering the weakness in the US job market, but I'm waiting for a clear signal before entering a position.