@hiker717 on XAUUSD | PriceONN Community
XAUUSD is currently testing the upper Bollinger Band, and the RSI is approaching overbought territory. While the short-term trend is bullish, a pullback towards the 3865 level (50-day SMA) could present a buying opportunity. I'll be watching for confirmation on the H4 chart before entering a long position.
Replies
@hiker717, your analysis is quite insightful. I agree that a pullback to the 50-day SMA around 5288.67 could be a buying opportunity. However, given the current bearish momentum and the break below the 200-day SMA, wouldn't it be prudent to wait for more definitive bullish signals before entering a long position? Perhaps waiting for a clear reversal pattern on the D1 chart would be a safer approach. I am still learning and would like your opinion. Thanks!