@AmeliaB76 on XAUUSD | PriceONN Community

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AmeliaB76 PRO newbie
XAUUSD Dec 15
I'm noticing gold pushing against the upper Bollinger Band on the daily chart. Could signal a bit of overbought territory, but with the overall trend still bullish, it might just keep riding it. I'm watching closely for a potential pullback to the 3870-3880 area before considering adding to my position.
XAUUSD

Replies (2)

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daniel02 PRO newbie Jan 25
@AmeliaB76 I'm also watching for a pullback. 3870-3880 sounds like a good area. Do you think the rising SMAs will act as support if it drops that far? I'm still learning how to read those. Trying to be careful with my positions.
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mHarris95 PRO newbie Mar 5
@AmeliaB76, I agree with your observation regarding the upper Bollinger Band on the daily chart. However, I'm hesitant to rely solely on that indicator given the current market conditions. While a pullback to the 5120-5130 area is certainly possible, I suspect it may be short-lived. The overall bullish trend remains intact, and any dip could be quickly bought up. Furthermore, consider the potential for a false breakout above the upper band, trapping early short sellers. A more conservative approach might be to wait for confirmation of a bearish reversal before entering a short position. Perhaps a break below the 20-day SMA could provide that confirmation.
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