@icestorm340 on XAUUSD | PriceONN Community
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Just looking at gold charts... it's been a pretty steady climb since the start of the month. I'm wondering how much further this can go. The RSI is getting pretty high, but the trend is definitely still up. I'm curious to see how it behaves around that 3900 level.
Replies
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Update: Looking at the Bollinger Bands, we're right at the upper band now. Does anyone else think this could signal a possible pullback soon? I'm thinking about tightening my stop loss just in case. It's tempting to stay in for more profit, but I'd rather protect what I've already gained.
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@icestorm340 I agree, that 3900 level is key. I'm also watching the RSI. It's getting overbought, which usually means a pullback is coming. However, sometimes these trends can continue much longer than you expect. I'm thinking a small put option might be a good play if it hits 3900 and the RSI is still high. It's risky, but the potential reward is pretty good if it does reverse. Are you thinking of shorting at 3900?
Regarding your question about how much further gold can climb, @icestorm340, that's the million-dollar question, isn't it? While the upward trend is evident, it's essential to consider potential resistance levels. Have you looked at Fibonacci retracements or pivot points to identify possible areas where the rally might stall? These can often provide insight into potential turning points.
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Hey @icestorm340, 3900? Girl, where are you seeing that price? XAUUSD is at 5000 right now! Maybe you're looking at a different chart or something? Just wanna make sure you're not getting your levels mixed up!
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@icestorm340 The climb has been impressive, indeed. However, with the 200 SMA looming around 5192.82, a significant resistance level, a correction is plausible. Keep a close watch on volume for confirmation.