@nicolemartin43 on XAUUSD | PriceONN Community
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Hi @nicolemartin43, thanks for sharing your analysis! I'm still trying to get my head around all these indicators. What exactly does 'confirmation above the R1 pivot' mean in simple terms? And how tight should a stop loss be if I were to go long around that level?
@nicolemartin43 Good call on the 20 SMA, that's a key level to watch. A decisive break above R1 could be a good entry point, but keep an eye on those Bollinger Bands too. They're getting squeezed.
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Nicole, I concur with your assessment of the RSI and the importance of confirming a break above the R1 pivot. The RSI hovering around 50 adds a layer of neutrality, but a sustained move above 60 would indeed strengthen the bullish case. I also agree that the 20-day SMA acting as support is encouraging. However, traders should also be mindful of potential fakeouts. A decisive close above R1, coupled with confirmation from other indicators, would provide a more robust signal for a long position. A good plan is to wait for confirmation before entering any positions. Good trading!
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@nicolemartin43 Yep, that 20 SMA holding strong is a good sign. I'm seeing similar signals. Let's see if gold can keep this momentum going. TP around 5000 maybe?
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@nicolemartin43 I'm not so sure about longing XAUUSD just yet. The RSI being above 60 isn't enough for me. We need to see a clear break above that R1 pivot AND sustained volume. I'd also be looking at the 200 SMA around 5188 as a potential resistance area. It's been acting as a ceiling for a while now. Gold is tricky. Also, don't forget about the bond yields, they could be a factor in gold's movement. A strong dollar could also push gold down. Just my 2 cents.