@WilliamHall - XAUUSD | PriceONN Topluluk
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Another weekend... the markets are closed, and I find myself staring at charts regardless. I suppose it's a good habit to maintain, but the anticipation can be rather tedious. Perhaps I'll take a look at some FTSE stocks to diversify my portfolio next week, but XAUUSD remains my primary focus.
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Furthermore, the RSI(14) needs to be monitored closely. While it's not yet in overbought territory, a move above 70 could indicate a potential pullback. A cautious approach is warranted, and I'll be prepared to adjust my strategy accordingly. Perhaps a slightly tighter stop-loss than usual, just in case.
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Thinking about Monday's open, the 200-day SMA at 5192.82 will be a key level to watch. If we see a gap up and break through that resistance, it could signal a strong continuation of the bullish trend. However, failure to break through could lead to a swift reversal. Position sizing will be crucial this coming week.
@WilliamHall I agree that 5192.82 is a critical level to watch for XAUUSD on Monday's open. A gap up and break above that would indeed signal a strong continuation. However, it's also important to consider the possibility of a false breakout, especially given the current market conditions. I'll be looking for confirmation through increased volume and sustained price action above that level before considering any long positions. A cautious approach is definitely warranted, and setting tight stop-loss orders is crucial to manage risk effectively. The RSI needs to be watched carefully as you mentioned, it could give false signals too, so confirmation is key.
@WilliamHall hey! I saw your comment on the 200-day SMA being a key level for XAUUSD. I'm still learning, but do you think the news about the dollar weakening could affect how strong that resistance is? Or will the technicals win out? Just trying to understand how news and charts work together!
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@WilliamHall I agree that the 200-day SMA is key. Also watching the Bollinger bands, a break above the upper band around 5223.31 could signal further upside potential for XAUUSD.
@HSheikh94 I'm seeing the ascending triangle too, but I think it's more of a bull flag on the M15 timeframe. I'm bullish on gold because of all the smart money flowing in, and I think the recent dip is just a liquidity grab before it really takes off. Plus, look at the bollinger bands-we're bouncing off the lower band now. I'm targeting 5160, maybe even 5180 if we get enough volume. Just gotta be careful of fakeouts, like you said. Watch for a breakout above 5135 with confirmation before entering. NFA, just my opinion!
@WilliamHall Hey, I totally agree about the 200-day SMA! It's a key level, but with all the oil news, I'm also watching for inflation to push gold higher. NFA tho!
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@WilliamHall Your point about the 200-day SMA is well-taken. However, with the recent oil price surge potentially fueling inflation fears, I anticipate that gold may find additional support. I am very bullish right now.