@JustinChef on XAUUSD | PriceONN Community
Good morning, folks. Looking at gold today, I'm anticipating a potential test of that 5130 level. If we break above that, I'll be looking for a swing long position targeting 5175. However, the UK GDP news has me a bit cautious, so I'll be waiting for confirmation before committing.
Replies
@JustinChef Interesting target you've got there at 5130 for gold. Honestly, with the current bearish momentum and that strong downward move we saw yesterday after the Fed's hawkish stance, I'm finding it hard to get bullish just yet. The Smas are all above current price and the RSI is sitting in bearish territory around 34. I agree we need to see confirmation, and for me, that would mean decisively breaking above the 20-day SMA around 4688, and then holding it. The news about potential rate cuts being pushed back is a major headwind for gold right now, making it tough to justify a swing long to those higher levels you're looking at. Be careful with that UK GDP, too; uncertainty always breeds volatility.