@anjali2685 on XAUUSD | PriceONN Community
A
Friday's close had a bit of a bearish lean, settling below the 50 SMA. It's hard to tell if that's just profit-taking after the recent move up or the start of a deeper correction. We'll see how Monday opens, hoping for a clean gap.
Replies
Hey @anjali2685, I saw your comment about Friday's close. I agree, it felt like a bit of profit-taking after that run-up, but the geopolitical backdrop is the main driver for gold right now. That surge in Brent crude past $100 is definitely adding fuel to the fire for XAU.
We're seeing the dollar strengthen and yields jump simultaneously, which usually pressures gold, but the safe-haven demand is countering it. On the charts, price is hovering around the R1 pivot at 4731. If we can break and hold above that with good volume, I think we could see a push towards 4750 or even higher. The 50 SMA is just above at 4747, so that's a logical resistance. If it fails there, then yes, a deeper correction could be on the cards, possibly testing the 20 SMA near 4722. It's a real tug-of-war between risk-on sentiment from oil and risk-off from other factors.
We're seeing the dollar strengthen and yields jump simultaneously, which usually pressures gold, but the safe-haven demand is countering it. On the charts, price is hovering around the R1 pivot at 4731. If we can break and hold above that with good volume, I think we could see a push towards 4750 or even higher. The 50 SMA is just above at 4747, so that's a logical resistance. If it fails there, then yes, a deeper correction could be on the cards, possibly testing the 20 SMA near 4722. It's a real tug-of-war between risk-on sentiment from oil and risk-off from other factors.