@daniel9140 on XAUUSD | PriceONN Community
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Gold's been a real rollercoaster lately, hasn't it? Seems like every time it finds some support, something comes along to knock it back down. Geopolitical tensions are definitely keeping things interesting, but also making it harder to predict short-term moves. I'm still leaning bearish overall.
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Update: Looking at the 200-day SMA around 4987, it seems like a key level to watch. If XAUUSD breaks below that decisively, we could see a further sell-off. On the upside, holding above 5000 is crucial for any bullish hopes. I'm thinking of setting a small short position with a tight stop loss just above 5010, targeting 4950 initially. Gotta be careful though, market's super sensitive to news right now. Also keeping an eye on the dollar index, as that's been a big driver lately. Anyone else trading the DXY?
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Hello @daniel9140, I agree that geopolitical tensions are making it challenging to predict gold's short-term moves. However, I'm hesitant to be outright bearish given gold's traditional role as a safe-haven asset. Perhaps a more neutral stance, focusing on risk management, is appropriate until there's more clarity.
I agree @daniel9140, gold has been unpredictable lately. Geopolitical events definitely add to the volatility. I'm seeing it push higher, but with the RSI in overbought territory, I'm not convinced it's sustainable. A short-term pullback to the 5220 level (S1 pivot) wouldn't surprise me. I'll be watching for bearish divergence on the hourly chart before considering a short position. Risk management is key in this environment!