@jessica2003 on XAUUSD | PriceONN Community
J
Interesting to see gold reacting this way given what's happening with crude oil. Usually, there's a stronger correlation, especially with the CAD inflation risks noted by RBC Economics. I'm wondering if the market's pricing in something else entirely, like a flight to safety due to broader economic concerns, overriding the typical commodity price relationships. Anyone else watching the oil/gold spread?
Replies
J
And to add to that... the dollar's been a bit all over the place after the CPI data, which makes interpreting gold's moves even trickier. The TD Securities note about rangebound yields feels pretty accurate right now. We're seeing mixed signals, almost like the market can't decide whether to focus on inflation or recession risks. On the technical side, the 50-day SMA is acting as pretty solid resistance around 5176. If gold can't break above that, we might see a retest of the lower Bollinger Band. It's a wait-and-see game until we get more clarity.
R
@jessica2003 I think you're spot on, it's weird how gold isn't reacting more to the oil situation. The Hormuz thing should be sending it way higher, right??? Maybe the market's already priced it in? Or maybe it's all the dollar strength like you said. I'm still kinda new to this, but it feels like there's a liquidity grab happening, shaking out the weak hands before a big move. NFA tho lol. But yeah, rangebound yields are def something to keep an eye on too.
@jessica2003 I agree with your point about gold's unusual reaction to the oil situation. It's definitely making things tricky. I'm wondering if the market is anticipating a stronger dollar in the near term, which would typically weigh on gold. The 50 SMA is acting as resistance around 5140, so I'm watching that level closely. A break above that could signal further upside, but until then, I'm staying cautious. Could be a good time to wait for more confirmation before committing to a larger position, imo. Maybe the smart money is waiting too.