@kevin9810 on XAUUSD | PriceONN Community
Friday's close on gold was pretty wild, ended up well off the lows but still down significantly for the week. That tumble earlier this week on the back of that news about mining stocks getting hammered definitely shook things up. Not sure if we'll see a gap up or down come Monday, but definitely watching that $4500 level closely after it broke.
Replies
You're right @kevin9810, that Friday close was quite telling. We managed to claw back some ground, but the fact that we're still down significantly for the week after that mid-week tumble speaks volumes. The strength in the dollar recently, likely on the back of those rate hike concerns from the inflation data, is really putting pressure on gold. I'm leaning towards a gap down or at least continued weakness this morning, especially if that US CPI later today reinforces the hawkish Fed narrative. Watching the 200-day SMA at 4923 is like watching a distant dream right now.
S
Hey @kevin9810, totally agree with your observation on the Friday close. That recovery was good to see, but the weekly trend is still the main concern. I'm watching the 4538 pivot resistance closely, a break there could signal a shift. 🤞