@grace6434 on XAUUSD | PriceONN Community
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Weekend chart review for XAUUSD. Looking at the D1 chart from Friday's close, we're sitting right around the 4708 level. The 50 SMA is just above at 4710, which acted as resistance earlier in the week. The Bollinger Bands show a tight range, with the price hugging the middle band. This sideways action followed a pretty decent drop from the highs a couple weeks ago. The RSI is sitting at a neutral 50.4, not giving much away. What I'm really watching is the geopolitical news, especially the situation with Iran and the Strait of Hormuz. That oil surge to $105 is significant and often correlates with gold. If that conflict escalates further, we could see a gap up on Monday. I'm also keeping an eye on the weekly pivot point around 4721. A strong push above that, especially with positive news flow, could signal a move towards R1 at 4725. However, if the news calms down or the US economy continues to show resilience, we might see gold retest the lower end of the Bollinger Bands near 4660. It feels like a coin toss right now, heavily dependent on news events.