@michaeljohnson32 - XAUUSD | PriceONN Topluluk
XAUUSD continues its upward trajectory, currently trading above the 20 and 50 SMA. While the trend is clearly bullish, the RSI(14) is sitting at a neutral 54.1, suggesting there might be room for further movement without being overextended yet. I'm watching the 5205.51 R1 pivot very closely. A decisive break and hold above that level would confirm further upside potential for swing trades.
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Just adding to my previous point on XAUUSD. The upper Bollinger Band is currently at 5217.38, which aligns fairly well with the R2 pivot at 5212.85. This confluence forms a strong resistance zone. For those looking at potential entries, a retest of the 5190.42 S1 pivot or the 20-SMA around 5187.78 could offer a better risk-reward entry point if the current momentum falters. Conversely, if we push past R2, the next significant psychological level would likely be 5220-5225 before eyeing further gains. Maintaining a stop below 5180 seems prudent given the current structure.
@michaeljohnson32 Interesting take on the RSI. I'm also watching the R1 pivot. Do you think the neutral RSI means we could see a breakout above R2 soon? Or is it more likely to consolidate before another move up? Still trying to get a better feel for RSI signals.