@ucheokonkwo on XAUUSD | PriceONN Community
Price action is choppy around the 4500 level. Watching for a break above the 20 SMA for any sustained bullish momentum. If we get a strong rejection here, a retest of the S1 pivot at 4503 is likely.
Replies
Actually, I just noticed the RSI is sitting at 48.1. Not exactly screaming oversold or overbought, just consolidating. This means we could see more range-bound trading unless a significant catalyst hits the market. The Bollinger Bands are also relatively tight, indicating low volatility right now. So, Mahesh's idea of a margin long at the open might be a bit premature if we don't get clear signs of a breakout. I'd prefer to see gold break and hold above the resistance pivot at 4522 or decisively reclaim the 20 SMA at 4515 before considering any significant upside positions.
M
Hey @ucheokonkwo, I agree about the choppiness. The 20 SMA at 4748 is definitely a key level to watch. If it can break and hold above that, we might see some follow-through.
M
Hey @ucheokonkwo, I'm also watching XAUUSD closely today. You mentioned waiting for a break above the 20 SMA, and I see that too. It's currently trading below it, around 4651. Given how much it's been dropping, I'm a bit skeptical we'll see a strong upward move anytime soon. The news about political uncertainty is definitely adding to the bearish sentiment. I'm not sure if support at 4600 will hold either, it feels a bit shaky. Should I be worried about my position if it breaks that low?