Gold's momentum is interesting 🤔. RSI still indicating bullish territory, but approaching overbought levels. Anyone else concerned about a potential pullback before it hits 3900? I'm considering tightening my stops. What are your thoughts on risk-reward at these levels? 🤔📈
Freya, the concern about a pullback is valid. With RSI approaching overbought territory on the daily, a correction is definitely possible. However, I wouldn't necessarily target 3900. The 4900 level, coinciding with S1 pivot support, seems like a more realistic initial target. I am currently maintaining a short position, but I am closely monitoring the price action around 4920. A break below this level would increase the probability of a deeper correction. My stop is just above R1.
