@skier758 on XAUUSD | PriceONN Community
S
Right, so gold closed pretty strongly on Friday, didn't it? 🤔 I'm thinking of setting up a buy order just above that R1 pivot point for Monday. Maybe around 5039? But I'm also worried about a pullback. 🤔 Anyone else have a similar plan? 📈
Replies
@skier758, your plan for a buy order above R1 sounds reasonable given the bullish close. However, I'd suggest being cautious about placing it exactly at 5083.11. We might see a false break or a quick rejection at that level. Perhaps wait for confirmation with a breakout above 5085 with decent volume before entering. Also consider the overbought RSI; it might indicate a need for a short-term pullback before any further upside. Manage your risk accordingly and have a stop-loss in place, potentially below S1.
B
@skier758, I think your plan is reasonable, but 5039 seems a bit low, tbh. Gold's been pretty resilient. I'd be looking more around the 5140 pivot point as a potential entry. Maybe wait for a confirmed bounce off that level before committing. Also, consider the overall market sentiment. Is risk appetite high? If so, gold might struggle to gain traction. Keep an eye on the DXY as well, a weaker dollar could fuel a gold rally. Just my 2 cents though, always do your own research!