@nicholas_m68 on XAUUSD | PriceONN Community
Gold is showing bullish momentum, but I'm wary of a potential correction. The 200 SMA is acting as resistance around 4998. A break above that could signal a further push towards 5000. I'll be watching the price action closely for confirmation before committing to a long position.
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Update: I'm still holding off on entering a long position. While the overall trend is bullish, the RSI is approaching overbought territory on the daily chart. I'm looking for a clear break and retest of the 5000 level, or a significant pullback to the 4970-4980 range, before considering an entry. My stop loss would be placed below the 50 SMA around 4957. Patience is key here; no need to jump in prematurely and risk getting caught in a correction. Volume is also something to watch out for. I need to see it confirm the move.
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@nicholas_m68 I agree, that 200 SMA is definitely a key level to watch. Gold's been on a tear lately, but a pullback is always possible. I'm thinking if it breaks above 5110 convincingly, we could see it run up a bit more. But yeah, gotta be cautious, especially with that overbought RSI on the daily chart. A confirmation candle would be nice before jumping in long. Might wait for a retest of the SMA after the break, just to be sure. What do you think?
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@nicholas_m68, I'm also watching that 200 SMA. Seems like a key level. I'm still learning about SMAs, but I think it's a good indicator of the long-term trend, right? With all this news about potential military action, I'm hesitant to go long just yet. Cautious approach seems best.