@music997 on XAUUSD | PriceONN Community
XAUUSD is currently exhibiting a bullish trend, supported by the price action above the 20, 50, and 200 SMAs. However, the RSI around 55 suggests a neutral momentum. I'm considering a long entry on a potential retest of the 5000 level, targeting the R1 pivot point at 5029.61 as the initial TP.
Replies
@music997, I agree with your assessment of the bullish trend. However, RSI being overbought suggests caution. A retest of 5000 is possible, but a deeper pullback could occur before any significant upward move. I'd be wary of jumping in too quickly. Maybe wait for a clearer signal around the 50 SMA before committing to a long position. News events next week could easily reverse the current trend.