@KabiruAdamu on XAUUSD | PriceONN Community

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K
KabiruAdamu PRO newbie
XAUUSD Mar 10
I am finding myself in a bit of a quandary with XAUUSD. The short-term oscillators like RSI are signaling overbought conditions, suggesting a potential pullback. However, the price action is clearly bullish, consistently making higher highs and higher lows. It's a conflicting signal, and I'm hesitant to commit to a position without more clarity.
XAUUSD

Replies (3)

K
KabiruAdamu PRO newbie Mar 10
Also, keeping an eye on the bond yields... a spike there could easily reverse gold's current momentum.
K
KabiruAdamu PRO newbie Mar 10
Adding to my previous thought, the strength of the dollar is also playing a crucial role. With the dollar showing signs of weakness, as noted in the recent news, it's providing a tailwind for gold. This is further complicating the analysis. I was considering a short position based on the overbought RSI, but the dollar's weakness makes me wary. Perhaps waiting for a clearer rejection at a key resistance level, like the R1 pivot at 5227, would be a more prudent approach. It's about balancing the technical indicators with the broader macroeconomic picture to make informed decisions.
A
akhan443 PRO newbie Mar 10
@KabiruAdamu I agree with your conflicting signals observation. XAUUSD is tricky right now. RSI overbought on short term but the overall trend is still bullish. Maybe wait for a clear breakout above 5200 or a retest of support around 5170 before entering a position. Just my 2 cents.
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