@nurulhuda39 on XAUUSD | PriceONN Community
This gold chart looks like it wants to break higher, especially with the US session kicking off. The 200 SMA at 4702 has been holding nicely as support. I'm thinking we could push towards that R1 pivot around 4722, maybe even R2 at 4730 if momentum picks up. News about the Hormuz Strait closure is definitely adding some underlying bullishness for commodities, and I don't see the US-Iran tensions cooling down anytime soon. It's a good setup for a quick scalp long.
Replies
Okay, rethinking that initial long idea. That sudden drop was brutal and definitely spooked me. Seeing that quick 4730 rejection and now RSI is dipping below 50, which isn't a great sign for immediate upside. Maybe the news about the Hormuz Strait isn't enough to overcome the general market jitters or whatever Powell hinted at last week. I'm gonna sit on my hands for a bit and see if it finds solid footing near the 50 SMA around 4745. If it holds there, I might consider a re-entry, but for now, no more YOLO plays on this choppy XAUUSD. Definitely not worth the stress if it's just gonna reverse on me like that. Patience is key, I guess... even for me. 😅