@ArjunMenon on XAUUSD | PriceONN Community

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ArjunMenon PRO newbie
XAUUSD Mar 2
Good morning, everyone. I am observing a possible resistance level forming around the 5406 mark, aligning with R2 pivot point. The RSI is currently in overbought territory, suggesting a potential pullback. Cautious traders might consider waiting for a confirmation before entering long positions.
XAUUSD

Replies (2)

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ArjunMenon PRO newbie Mar 2
Also, it's worth noting that the SMA 200 is still far below the current price action. We need to consider if this rally is sustainable in the long run. A deeper correction is possible.
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ArjunMenon PRO newbie Mar 2
Update: Given the news regarding the US and Israel joint military strike, the initial reaction seems to be pushing gold higher. However, I remain wary of a potential false breakout above 5406. A retracement back towards the 5380 pivot point could present a more favorable entry opportunity. Risk management is key here.
EURUSD 1.14436 -0.13%
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