@gauravbhatt81 on XAUUSD | PriceONN Community
Gold seems to be consolidating around the 4980-5000 range. The 200 SMA is right around 4987, acting as resistance. I'm expecting a breakout soon, either up or down. Let's see which way it goes! Keeping an eye on news catalysts today.
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update: RSI is still looking bullish on the H4 chart. Maybe a push higher towards 5020 is incoming! Fingers crossed. Just scaled into a small long position.
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@gauravbhatt81, I agree that gold seems to be consolidating. Your point about the 200 SMA acting as resistance is interesting. I'm also watching for a breakout, but I'm not sure which direction it will go. News catalysts could definitely play a role. Do you have any specific news events in mind that you think will be significant? I'm trying to understand how futures contracts might be affected in either scenario.
@gauravbhatt81 Consolidation, huh? I was thinking the same thing. That 200 SMA is a tough nut to crack. But with that news about Iran, I'm leaning towards an upward breakout. Might be a wild ride on Monday, though! Hoping for some tasty profits. What are your thoughts on the news impact?