@cdavis205 on XAUUSD | PriceONN Community
Alright folks, I'm looking at a potential long position on XAUUSD here, but I want to get some other opinions. We've broken above several key SMAs, and the RSI is confirming the upward momentum. I'm eyeing the Bollinger Band upper limit around 3898 as a potential TP. My concern is the overall market volatility. Are we seeing a genuine flight to safety, or is this just a temporary spike? What are your thoughts on the sustainability of this rally, especially considering upcoming economic data releases? Anyone else looking at the gold futures contracts?
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C
@cdavis205 I share your concern about the overall market. The potential TP at the upper Bollinger Band seems reasonable, but what is your strategy if the price fails to break through that resistance level?
Update: I'm also considering the potential impact of the upcoming Fed meeting on gold prices. A hawkish stance could definitely put downward pressure on XAUUSD. I think monitoring the yield curve is important here. If yields start to rise significantly, it could signal a shift in investor sentiment and potentially trigger a sell-off in gold. Keeping an eye on the news cycle as well.