@aperez691 on XAUUSD | PriceONN Community
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Reviewing the weekly chart for XAUUSD, I'm observing some interesting developments. The price action last week was quite robust, pushing through the 50-day SMA and consolidating just below the 4900 psychological level. The RSI is sitting at a neutral 53, which suggests there isn't extreme overbought or oversold pressure yet, leaving room for further movement. The news regarding Iran reopening the Strait of Hormuz certainly provided a significant tailwind, and if that geopolitical tension continues to ease, it could indeed support gold prices. However, I remain cautious as we approach the R1 pivot at 4865.68 and the broader resistance around 4900. It's crucial that we see a clean break and hold above these levels on Monday to confirm a bullish continuation. Otherwise, a pullback towards the 20-day SMA near 4819 could be on the cards. I'll be watching the economic calendar closely for any data that might impact DXY and subsequently gold.