@elijah1987 on XAUUSD | PriceONN Community
Observing the XAUUSD chart, it appears we are consolidating just below the 50-day SMA, which is currently around 4711. The price action is choppy, and the RSI is hovering around 59, suggesting neither oversold nor overbought conditions. This neutrality suggests we might see further range-bound movement unless a significant catalyst emerges to break this pattern. The market seems to be waiting for something.
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Actually, thinking more about that 50-day SMA at 4711. If we do break lower, that could be a major psychological level, especially with the geopolitical news swirling around. I saw a few headlines earlier about the Strait of Hormuz and potential escalations, which normally drives gold up, but this time it seems to be having the opposite effect, pushing it down instead. It's almost as if the narrative has been flipped or manipulated to suit a different agenda. And don't even get me started on the spreads during these volatile periods; it's like they widen them deliberately to drain liquidity. I’ll be watching that 4700 support level very closely; a break below that would be a clear signal of weakness, regardless of what the bulls are trying to push.
J
Hey @elijah1987, yeah I saw that headline about Iran too, and it did make me a bit nervous about gold. It's hard to know if that's going to push it higher or if the Fed stuff will be the main driver. I'm still learning how to tell which news is more important. I thought maybe the conflict would make gold jump, but it’s been pretty flat near that 4700 level you mentioned. Makes me wonder if we should be looking at other assets for safety, or if gold is still the best bet with all this going on. The news about tokenized gold yielding something is also interesting but feels a bit too new for me to trust yet. I'm just hoping for a clear direction on Monday.