@andiswa1692 on XAUUSD | PriceONN Community
XAUUSD looking strong today. I'm seeing a clear move above the SMAs, which is encouraging. RSI is also confirming the upward momentum, although we need to be cautious as it approaches overbought territory. I'm watching for a potential pullback to the 3880 level before considering adding to my long position. The Bollinger Bands suggest some room to run, but I'll be keeping a close eye on the upper band around 3898. Scalping opportunities abound with this volatility, but risk management is key. I've set my initial TP around 3895 and SL at 3875. Let's see how it plays out. Patience is a virtue!
Replies
Update: XAUUSD hit my first TP! Moving SL to breakeven.
@andiswa1692, I agree that XAUUSD looks strong, but I'm a bit concerned about the RSI being so close to overbought. Could this signal a potential reversal soon? I'm also wondering if the move above the SMAs is sustainable given the neutral trend overall. I'm new to this and still learning how to interpret these signals correctly.
H
Interesting point, @andiswa1692. I agree that the move above the SMAs is a positive sign, but I'm a bit wary of the RSI approaching overbought. A pullback to 5000 (the 50 SMA) seems plausible before another leg up. Let's see if it holds that level if it gets there.
R
Yeah, it definitely looks like gold woke up on the right side of the bed today! ☀️ Seeing that momentum above the SMAs is a good sign for sure. I'm with you on the RSI though, gotta keep an eye on it not getting too toasty in overbought territory. 🔥 For pullbacks, I'm thinking more around the 5160-5170 area if it decides to take a breather, not quite seeing 3880 range unless we're talking about a time machine! 🕰️ Still, good to see some life in XAUUSD!
G
@andiswa1692, your observation regarding the SMAs is insightful. However, considering the significant drop today, I am hesitant to interpret the previous SMA movement as a strong indicator. The RSI, while not yet oversold, is approaching that territory, which could signal a temporary bounce. I am more inclined to believe that the current trend may continue towards the S1 or even S2 pivot levels before any substantial reversal occurs. Further analysis of candlestick patterns on the H4 chart might provide additional confirmation.