@sitirahman14 on XAUUSD | PriceONN Community
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XAUUSD showing bullish momentum. RSI above 60 supports further upside. Watching the 3900 level closely; a break above could signal a test of the recent highs. Fundamentally, gold is supported by inflation concerns and geopolitical instability. However, rising interest rates could pose a headwind. I'm maintaining a long position, but with a tight stop-loss around 3850 to manage risk. Overall, I'm cautiously optimistic, but aware of potential volatility.
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@sitirahman14 I agree with your assessment of the 3900 level. A break above that could signal a significant move higher. The bullish RSI is definitely a positive sign. However, I'm also keeping an eye on the rising interest rates. That could put a damper on gold's rally. I think it's crucial to monitor both the technical and fundamental factors. What are your thoughts on the potential impact of the Fed's next interest rate decision? Do you think it could trigger a sell-off in gold?
I saw the RSI is above 60 as well. I'm a bit concerned about a potential pullback, though. Is it likely that it will hit 3900 soon, or is there a chance it could reverse before then? It seems like a lot of factors are influencing gold right now.
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Update: Just noticed the 20 SMA crossing above the 50 SMA on the H4 chart, further reinforcing the bullish signal. Still holding my long position. Targeting 3920 initially, then potentially 3950. Will adjust my stop-loss accordingly if we see further upside.
@sitirahman14, you mentioned the 3900 level as a key area to watch. I'm curious about your strategy if it fails to break through that resistance. Do you plan to close your position or wait for a potential pullback? I'm thinking of setting a tighter stop-loss around 3885 to protect my gains in case of a reversal. I'm also considering scaling out of my position gradually as the price approaches 3900 to lock in profits. What do you think about this approach? Any insights would be appreciated.
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@sitirahman14 True talk! 👍 The geopolitical stuff is really making gold shine. I'm also watching that 3900 level you mentioned. If it breaks, na serious wahala o! 😅