@andrewanderson63 on XAUUSD | PriceONN Community
A
XAUUSD is looking bullish to me. The RSI is above 60, and we're trading above all the key SMAs (20, 50, and 200). I'm targeting the R1 pivot at 3888.52 initially, and then potentially R2 at 3891.47. I'm looking for a confirmation candle on the H1 chart before entering. Stop loss will be placed just below the 20 SMA for risk management. Overall, the trend seems to be upward, but I'll be watching the price action closely for any signs of reversal. I'll be looking for a potential TP at around 3895.
Replies
A
Update: Just saw XAUUSD break above the R1 pivot. Looking for confirmation on the next candle before entering a long position. Keeping a close eye on volume.
S
I agree with @andrewanderson63 that XAUUSD is looking bullish. I'm also watching those pivot points. However, I'm a bit more cautious. I'm thinking a smaller position size is wise given the current volatility. Maybe wait for a retest of the 3885 level before committing fully.
@andrewanderson63 Yeah, I agree, bullish momentum is strong. I'm also watching the R1 pivot at 3888.52. Good call on waiting for confirmation on H1.
D
@andrewanderson63, I agree that XAUUSD looks bullish in the short term. However, I'd be cautious about targeting R2 at 3891.47 directly. We're approaching overbought territory on some longer-term timeframes. A pullback to test the 20 SMA around 3868 is possible before any further sustained upside. Just my two cents.
W
Good call on XAUUSD, @andrewanderson63. I agree that the RSI and SMAs are painting a bullish picture. But I'd be cautious about targeting R2 immediately. It's a psychological level, and there could be some resistance around 3890. I'm personally looking at the H4 chart for confirmation before adding to my position. Also, where are you placing your SL? Just below the 50 SMA might be a bit tight considering the recent volatility. Just my two cents.
G
Interesting observations, @andrewanderson63! Your technical analysis of XAUUSD aligning with the SMAs and RSI is well-founded. However, I'd caution against relying solely on pivot points as definitive targets, as they can be easily breached in high-volatility conditions. Consider incorporating Fibonacci extensions to identify potential resistance levels beyond the pivot points. Also, keep an eye on the D1 chart for a broader perspective on the prevailing trend. A potential pullback to the 3870-3875 support zone could offer a more attractive entry point. Just a thought!