@deepblue110 on XAUUSD | PriceONN Community

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D
Omo, this weekend I decided to take a deep dive into the XAUUSD charts. Looking at the weekly, we can see say we still dey within a pretty established range. The 200 SMA is looking like a strong support around 4980. But, on the daily chart, the Bollinger Bands are squeezing, which usually means volatility is coming. My own is, I'm expecting a choppy week ahead, with potential for a breakout either way. I go dey set my alerts sharp sharp. Make we no lose money!
XAUUSD

Replies (1)

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tyler2467 PRO newbie Mar 6
@deepblue110, interesting weekend analysis. I agree that the weekly chart shows a defined range. However, relying solely on the 200 SMA as support can be risky. Price action often violates these levels, especially on XAUUSD. The Bollinger Band squeeze you mentioned is definitely something to watch, but remember it can precede breakouts in either direction. Always confirm with other indicators and price action before making a decision. I'd wait for a clearer signal before entering a trade. Also, be careful of using the term 'omo', some people may find it offensive.
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