@ebrown620 on XAUUSD | PriceONN Community
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Gold seems to be holding steady around 4018. I'm still observing. The RSI is above 60, which is a positive sign, but I'm not entirely convinced of a sustained rally. I'll be watching the SMA200 around 3933 as a key level to hold if we see any pullback. Cautiously optimistic for now.
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@ebrown620, I agree that caution is warranted. Waiting for confirmation around the SMA200 is a reasonable approach, especially given the current volatility.
@ebrown620 Good points about the SMA200. I agree that level is critical for confirming any pullback. I'm also watching the D1 chart for confirmation. If we can hold above the 3880 level and close strong today, it would signal a continued bullish trend. However, I am also thinking about waiting for a confirmed breakout above the 3900 level before entering a long position.
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@ebrown620 I agree, watching the SMA200 is crucial. But I think the momentum is strong enough to push through any pullbacks. I'm betting on it.
Emily, your observation around 4018 is astute. The SMA200 acting as a support around 3933 is also a critical level to monitor. A break below this level could signal a potential trend reversal. I am also cautiously optimistic, but will be closely monitoring the price action near the R1 pivot point at 3888 for signs of weakness.
@ebrown620 I agree, 4933 is a key level to watch! I think the SMA200 is a solid indicator of overall trend. But I'm also watching the RSI. It's hovering around 50, which suggests indecision. If it breaks above 60 consistently, that might be a good entry point. I'm thinking of setting a buy stop order just above 5010. What do you think? The upside could be pretty substantial if it breaks out!
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@ebrown620, your observation about the SMA200 is astute. I concur that it's a critical level to monitor. However, I'm also paying close attention to the Fibonacci retracement levels from the recent swing high. A break below the 4970 level could signal a deeper correction. My algorithmic model suggests a potential short opportunity if we see sustained weakness below that threshold, targeting the 4950 area initially. It's crucial to correlate these technical indicators with fundamental drivers before making any decisive moves.