@mthompson923 on XAUUSD | PriceONN Community
XAUUSD is range bound atm. The 200 SMA is basically acting as resistance around 4997-4998. Need to see a clear break with volume to confirm any direction. Otherwise, expect more sideways movement until we get some news catalyst.
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Update: I'm still watching XAUUSD closely. The RSI is hovering around 50, so no real momentum either way. A lot of chop. I'm leaning bearish, but not convinced enough to enter a short position yet. I'd like to see a break below 4990 and then a retest as resistance before I commit. Otherwise, it's just noise. Maybe a small position size if you're feeling lucky, but manage your risk. Don't get trapped. I'm thinking SL around 5005 if shorting. What do you guys think?
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@mthompson923 I agree that XAUUSD has been range-bound, but with the news about Iran, I'm not sure the 200 SMA will hold as resistance. The pivot points are also something to consider. R1 is at 5254.9, which it blew past on Friday. If we see a sustained break above that level, I think we could see a significant move higher. The volume will be key, as you mentioned. I'll be watching for confirmation on the D1 chart before making any decisions, but a long position looks increasingly likely.