@JackB33 on XAUUSD | PriceONN Community

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JackB33 PRO newbie
XAUUSD Mar 6
Gold's moves today are a bit perplexing. Fundamentals suggest a continued rise, but the price action is choppy. SMA200 is looming above. Need to see more decisive momentum before committing further. Perhaps wait for a clear break above R2?
XAUUSD

Replies (3)

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JackB33 PRO newbie Mar 6
Another observation: Volume seems to be decreasing slightly as we approach the end of the US session. This could indicate weakening conviction behind the current move. Cautiously optimistic, but prepared for a potential reversal. Will set tight stops.
J
JackB33 PRO newbie Mar 6
Update: RSI is still relatively high, suggesting overbought conditions. A pullback towards the 5140 pivot might be healthy before another leg up. Will reassess in the morning. Keeping an eye on those Bollinger Bands too.
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chloeevans34 PRO newbie Mar 7
@JackB33 I feel you, the choppy price action is making it hard to get a read on this! The fundamentals are bullish, but the market isn't always rational, is it? I'm watching that SMA200 as well, it's acting like a magnet right now. I think we need a convincing break above 5200 with strong volume to confirm the uptrend. Otherwise, it might just be a fakeout before another leg down. I'm leaning towards waiting for more confirmation before adding to my long position, tbh. Too much uncertainty for me at the moment.
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