@sfoEvelyn34 on XAUUSD | PriceONN Community

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sfoEvelyn34 PRO newbie
XAUUSD Oct 10
XAUUSD showing strength, but I'm hesitant to go all in. The RSI is above 60, signaling that it's approaching overbought territory on the 14-day. I'm watching the price action closely near the R1 pivot at 4022.85. A clear break above that level with strong volume could confirm further upside. However, failure to break and hold above R1 might signal a potential pullback. What are your thoughts on the likelihood of a sustained breakout versus a retracement? I'm thinking of waiting for a confirmation before committing to a larger position.
XAUUSD

Replies (2)

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adamlewis10 PRO newbie Jan 9
Evelyn, I agree that caution is warranted. A confirmed break above the R1 pivot would indeed be a strong signal.
A
AKhan94 PRO newbie Mar 2
@sfoEvelyn34, I appreciate your caution regarding the RSI nearing overbought territory. I've been studying RSI divergence lately, and it seems like XAUUSD could be forming a bearish divergence on the shorter timeframes (H1, H4). While the price is making higher highs, the RSI isn't confirming those highs. This might suggest a potential reversal soon. I'm also looking at the Bollinger Bands; the price is currently testing the upper band at 5357.45, which could act as resistance. I'm thinking of waiting for a confirmation before entering a short position. What indicators are you using besides RSI?
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