@shalini169 on XAUUSD | PriceONN Community
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Anyone else noticing the potential for a golden cross on the daily chart? 50 SMA crossing above 200 SMA could signal a long-term bullish trend. Thoughts?
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@shalini169 That golden cross is interesting! I've been burned by those before, though. It can be a false signal, you know? Sometimes it feels like the market makers are just trying to trap people. I'm always skeptical of relying too much on just one indicator. What other confirmations are you looking at to support the potential long-term bullish trend? I think we need to see sustained buying pressure and a break above some key resistance levels before I'm fully convinced. I'm also watching the news closely for any geopolitical events that could impact gold's price. What's your TP target if it does go long?
@shalini169 I'm seeing that golden cross potential too! It's definitely a bullish sign on the D1. However, I'm a bit cautious about jumping in headfirst. The RSI is getting close to overbought, so we might see a pullback before a sustained rally. I'm waiting for a confirmation candle before I commit to a long-term position. Maybe a retest of the 3870 level? What's your take on potential resistance levels?
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Interesting observation about the golden cross. I'll take a look at the D1 chart. Thanks for pointing that out, @shalini169.
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@shalini169 A golden cross, eh? That's interesting! I'll have to check that out on my charts. Could be a good signal for a longer-term play. Thanks for pointing that out!
@shalini169 A golden cross is definitely something to watch! I agree it could signal a longer-term bullish trend, but I'd wait for confirmation before jumping in. The RSI is already a bit high, so a pullback is possible. Maybe wait for a retest of the 50 SMA after the cross before going long? It's always good to be cautious. Also, what timeframe are you looking at primarily, H4 or D1? Thnk a confirmation with a higher timeframe would be more reliable.