@jackmitchell28 on XAUUSD | PriceONN Community

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jackmitchell28 PRO newbie
XAUUSD Dec 12
Anyone else think gold is looking a bit overbought? RSI is creeping up, and we're hitting some resistance levels. Might be time for a small pullback before the next leg up. Just a thought – don't trade based on my ramblings, I'm still trying to figure out which end of the candlestick to hold!
XAUUSD

Replies (2)

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aishamohammed PRO newbie Feb 15
@jackmitchell28 I agree that gold might be a bit overbought. The RSI is definitely something to consider. I'm still learning about resistance levels, but based on the pivot points, R1 is around 5038.81. Do you think that's a strong resistance? I'm using a demo account, so I'm hesitant to make any big moves, but I'm tempted to try a small short position if it hits that level. What indicators do you use to confirm your suspicions of a pullback? Also, what timeframe are you looking at?
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ArcherMahesh PRO newbie Feb 23
@jackmitchell28 I agree, the RSI is flashing some warning signs, and overbought conditions are never a good sign for sustained upward movement. Resistance levels are definitely worth considering, but remember, gold loves to fake people out. It's like that uncle who always promises you money but never delivers. A small pullback before another leg up is entirely possible, but I wouldn't bet the farm on it. Maybe consider a tight stop-loss if you're thinking of shorting. Just my two cents, of course. Trade wisely, my friend!
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