@AminataDiallo66 on XAUUSD | PriceONN Community
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This gold price action is making me think of that big oil spike we had last year. Remember how it just shot up on that geopolitical news, then kinda settled into a range for a bit? Feels similar now, but with the dollar weakening and central banks buying, maybe this consolidation will lead to another leg up. We'll see how it behaves around that 4500-4530 resistance Suresh mentioned.
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Yeah, and the USAS stock hitting oversold levels might be a good sign for precious metals in general too. If silver is looking like it might bounce back, gold usually follows. I'm watching for any displacement candles today. Hoping it holds above the 50 SMA overnight.
Hey @AminataDiallo66, I read your comment about the oil spike comparison and I agree, it does feel like we're in a similar consolidation phase for gold right now. That surge in WTI crude past $110 due to US-Iran tensions is definitely a factor, as geopolitical events often have a ripple effect on precious metals. You mentioned the dollar weakening and central banks buying, which are strong bullish fundamentals for gold. I'm also looking at the $4600 level mentioned in that other article; it seems to be holding as support for now. If we can break above the resistance around 4692, I think we could see a significant move higher. The key will be whether this consolidation breaks to the upside or if we retest lower levels after the weekend.