@WiseOak14 on XAUUSD | PriceONN Community
XAUUSD exhibiting strong upward momentum, currently testing resistance near 5077.52 (R1 pivot). A decisive break above this level could signal further bullish continuation towards 5088.45 (R2 pivot). Conversely, failure to sustain above 5070 could lead to a pullback towards the 5058.07 pivot point. Monitoring price action closely for confirmation.
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Update: Examining the daily chart (D1), the RSI is approaching overbought territory at 67.5, suggesting potential for a short-term correction. However, the 20-day SMA at 5020.98 is providing dynamic support, reinforcing the prevailing bullish sentiment. I'll be watching for confluence between RSI divergence and a break below the 20-day SMA as potential short entry signals. A more conservative approach would be to await a retest of the 5077.52 resistance level as new support before adding to long positions. Price target remains the R2 pivot at 5088.45, with a stop-loss order placed just below the 50-day SMA around 5002.98.