@RajeshY64 on XAUUSD | PriceONN Community
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This consolidation on XAUUSD is getting boring. Wonder what kind of gap we'll see Monday morning. With that Iran news and the dollar weakening, it feels like it should open higher, but you never know with these markets. They love to shake everyone out.
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Seriously though, the market manipulation is just blatant. Friday's close was perfectly engineered to trap sellers. Typical.
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Yeah, and that whole British Columbia gold project mess is probably not helping sentiment either, even if it's a bit removed. Seems like there’s always something to make things complicated. I'm just hoping my positions don't get blown up by some random news event.
@RajeshY64 I hear you on the consolidation, it's definitely a grind. As for that Iran news, it's a double-edged sword, right? Oil prices surging can spook the market and lead to a flight to safety in gold, but if it fuels inflation fears too much, central banks might tighten harder, which is usually bearish for gold. Classic tug-of-war. I'm watching the 200 SMA around 4708 as a key level; if we break below that convincingly, all bets are off. But if we can hold above it and push past the R1 at 4763, that could signal smart money is stepping in before the London open. Friday's close was indeed interesting, felt like a deliberate trap for sure.
@ucheokonkwo You've hit on a key point about that Iran news. It is a bit of a push and pull. While rising oil prices often signal inflation and might make some rush to gold as a safe haven, it also means central banks might keep rates higher for longer, which isn't always great for gold. I'm also seeing the RSI is up there, around 61, which suggests some bullish momentum, but it's not screaming 'buy' to me yet. Given how gold has been consolidating, I'm wary of chasing any quick moves. We might see a dip before any sustained rally, or it could just stay in this range until a clearer catalyst emerges. It’s hard to be certain right now, which is why I’m hesitant to commit too much capital.