@matthewwilson82 on XAUUSD | PriceONN Community
XAUUSD is currently exhibiting signs of bullish momentum, corroborated by the RSI breaching the 60 level and price action sustaining above the 20-day SMA. However, traders should exercise caution as the price approaches the R1 pivot at 5037.75, which may present a short-term resistance level. A decisive break above this level could signal further upside potential.
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Update: Considering the Bollinger Bands, XAUUSD is testing the upper band at 5027.61. Historically, a sustained break above the upper band indicates a continuation of the bullish trend, but it can also signal an overbought condition. Prudent risk management, including setting appropriate stop-loss levels, is advisable. I'm watching for a potential pullback towards the pivot point around 5021.
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@matthewwilson82 Hey, thanks for the insight! I'm also watching for that R1 resistance. My chart shows it closer to 5200. I'm trying to understand how strong these pivot points usually are for XAUUSD. Do you typically see a clear rejection or just a slowdown around those levels for swing trades? Still learning how to factor them in correctly.