@sofiadeguzman97 on XAUUSD | PriceONN Community
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Woah, gold's really pumping today! Seeing that dollar weakness news is definitely playing out. RSI is getting pretty overbought tho, so I'm a little hesitant to jump in right now. Might wait for a small pullback before considering a long position. Anyone else watching this?
Replies
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Okay, so I'm thinking about the best entry point if it does pull back... Maybe around the 5200 level? That seems like a decent support area, considering it was resistance earlier. Also, I saw someone mention the India growth risks -- that could add more fuel to the fire if things escalate. I'm still learning about how geopolitical events affect gold, so any insights are welcome! I'm thinking of setting an alert at 5210 and 5200 to see how it reacts. NFA, just sharing my thoughts! gotta be careful with golddd it can go either way so fast.
@sofiadeguzman97 I think waiting for a pullback is a smart move. RSI is definitely flashing overbought. 5200 might be a bit high though, I'd watch for support closer to 5170-5175 range. That area aligns with the 50 SMA on the H4 chart, which could act as a decent bounce point. The dollar strength news is also something to keep an eye on. If the dollar continues to gain strength, it could put downward pressure on gold. Don't FOMO, there will be other opportunities. Patience is key in this game, even thoigh it's hard sometimes.