@justinyoung90 on XAUUSD | PriceONN Community
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My analysis of XAUUSD indicates that the bullish momentum, supported by the 20 and 50-period SMAs, is likely to continue pushing towards the R1 and R2 pivot levels around 5197 and 5202 respectively. The RSI, currently at 54.4, provides ample room for further upside without signaling an overbought condition yet. For those trading options, a strategic look at call spreads or even vertical put spreads could be prudent, anticipating a test of these resistance zones.
Replies
@justinyoung90 I agree with your analysis. The SMAs definitely suggest continued bullish movement. However, I'm wondering if the R1 and R2 pivot points will act as strong resistance levels. Maybe a slight pullback before breaking through? What's your take on the potential resistance?
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@justinyoung90, thank you for sharing your analysis. I am curious, how confident are you in the strength of the bullish momentum given the current RSI reading? Is there a level that would cause you to re-evaluate your position?