@tidepool938 on XAUUSD | PriceONN Community
T
Alright, let's dissect XAUUSD a bit. The current price is hovering just above R2 at 5192.3, which is a strong indication of upward pressure, despite the overall trend being categorized as neutral. The RSI at 61.7 confirms this bullish bias, but we're certainly getting into the higher end of its range, so a bit of caution is warranted. The SMAs (20, 50, and 200) are all comfortably below the current price, acting as dynamic support levels, particularly the 20-SMA at 5160.37.
I'm keeping a close eye on a potential retest of the R2 or even the pivot point around 5180.01 if the bulls decide to take a breather. It’s like gold is flexing its muscles but needs to decide if it wants to run a marathon or just a quick sprint. My bias remains long on dips, but judicious risk management is key here, as always.
I'm keeping a close eye on a potential retest of the R2 or even the pivot point around 5180.01 if the bulls decide to take a breather. It’s like gold is flexing its muscles but needs to decide if it wants to run a marathon or just a quick sprint. My bias remains long on dips, but judicious risk management is key here, as always.