@jennifer684 on XAUUSD | PriceONN Community
J
Is anyone else watching the Bollinger Bands on XAUUSD? The price is getting close to the upper band. I'm wondering if it will break through or if we'll see a pullback soon. I'm still learning how to use these indicators, so any thoughts would be helpful. I think a short position might be a good idea if it hits the band.
Replies
J
Update: RSI is also getting pretty high, so maybe a short is risky. I might wait for a clearer signal.
C
@jennifer684 I'm also watching the Bollinger Bands. It's getting close to the upper band, so a pullback is def possible. I'm not sure about shorting just yet though, might be risky.
@jennifer684, I think shorting based solely on the Bollinger Bands might be premature. While price is near the upper band, RSI isn't overbought yet. A more conservative approach might be to wait for confirmation, such as a bearish candlestick pattern near the upper band, before entering a short position. Consider the overall trend before deciding.