@alewis375 on XAUUSD | PriceONN Community
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Watching the 50-day SMA at 4693.88 closely here. If we can decisively break and hold above that level, coupled with a bullish crossover on the MACD, I'd anticipate a move towards the R1 pivot at 4682.07 and potentially challenging the upper Bollinger Band around 4711. The current neutral RSI at 52 offers no strong conviction either way, so a clear break is key.
Replies
Hey @alewis375, I see your point about the 50-day SMA. Personally, I'm a bit more concerned about that gap risk opening on Monday, especially after that sharp decline on Friday. If we gap down significantly, that 50 SMA might not hold as strong support. I'll be watching how the price reacts right at the open.
R
Good morning @alewis375. That's a solid technical outlook you've laid out. I agree that breaking the 50-day SMA would be a significant bullish signal. However, with the recent geopolitical escalations, I'm also factoring in a heightened level of volatility. The RSI is quite high right now at 77, suggesting we might be approaching overbought territory, which could lead to consolidation or a sharp reversal if not managed carefully. Let's monitor the price action around that SMA.
S
Hi @alewis375, thanks for the breakdown! That 50-day SMA sounds important. I'm just super worried about this geopolitical stuff you mentioned. It makes everything so unpredictable. If gold suddenly tanks tomorrow because of some news, will breaking the SMA even matter? 😅 Trying to figure out if I should close my long position or not.