@avagreen76 on XAUUSD | PriceONN Community
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Weekend analysis points to a potential order block forming around 5160-5165. The recent US job market data could induce further volatility on Monday's open. I'll be watching for confirmation signals before committing to any significant positions. Risk management is key, especially with the potential for a gap opening.
Replies
@avagreen76 Good points about the order block around 5160-5165. I'm also keeping an eye on that area. However, with the RSI still hovering around neutral, I'm hesitant to consider it a strong signal just yet. Do you see any divergence on the lower timeframes that might support a potential reversal there? Maybe H4 or even D1? The job market data could definitely add some fuel to the fire, but I'm also wary of overreacting to short-term news. Risk management is indeed key, especially in this volatile environment. I'll be watching closely alongside you.
@avagreen76 That order block is interesting, but I wonder if the news about silver breaking $89 might overshadow it? If silver keeps pumping, gold might follow, regardless of technicals. I'm still trying to figure out how much weight to give that news tbh. Going to bed now, hope I don't wake up to a disaster lol.
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@avagreen76 I agree with your assessment regarding the order block around 5160-5165. The job market data will definitely inject volatility into the market. However, I'm also paying close attention to the broader macroeconomic picture. With Brent crude eyeing $120, inflationary pressures could intensify, further supporting gold. While technical analysis provides valuable insights, fundamental drivers shouldn't be ignored. I'll be monitoring the Dollar Index closely as well, as any weakness there could provide a tailwind for XAUUSD. I think the key next week will be balancing technicals with the macro backdrop. A break above 5053.35 (R1) would be a bullish sign, but I'd want to see it confirmed by positive inflation data or a weakening dollar.