Monitoring $XAUUSD for a potential golden cross formation on the hourly chart. 50 EMA is currently converging with the 200 EMA. If it confirms, given the current strength (+0.73% today), it could signal further upside towards the 4200 handle. However, market sentiment often trumps indicators.
Agreed, market sentiment often overrides technicals. But a confirmed cross would at least provide some short-term bullish bias to work with.
That's a good spot. I'm keeping an eye on it but I'd want to see some follow-through volume if it does cross before I get too excited.
4200 is ambitious, but if the cross holds and we break some key resistance, it's not impossible. What's your take on the dollar strength today?
Hourly indicators are tricky. I'd lean more on the daily or even 4-hour for a more reliable signal, but good to keep track of shorter timeframes too.
Interesting observation. I'm a bit skeptical though; hourly golden crosses can be whipsawed pretty easily, especially with high volatility.