@brandonmartin15 on XAUUSD | PriceONN Community
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Gold is exhibiting a strong upward trend, recently surpassing the 5070 mark. The RSI is approaching overbought territory, which could suggest a potential pullback. Traders should exercise caution and monitor price action closely for signs of exhaustion before initiating new long positions. A retracement towards the 5050 level could present a more favorable entry point.
Replies
@brandonmartin15 I agree with the strong upward trend, definitely. But on the RSI, our current 55.7 on H4 isn't really screaming 'overbought' yet. There's more upside potential before that. A retrace might happen if we can't break 5200 soon, but the bullish structure is still intact. I'm eyeing 5220-5230 for any signs of real rejection.
@brandonmartin15 I agree about the RSI being near overbought. Good call. But the momentum is strong, could push higher before any significant pullback. I'm watching for a potential short entry around 5180-5190 if we get there. Need to see some confirmation first though. Otherwise, staying out.