@E_Nwachukwu on XAUUSD | PriceONN Community
E
Alright, thinking about next week for XAUUSD... 🤔 With the RSI above 60, there's definitely some bullish momentum, but it's not screaming overbought just yet. I'm anticipating a potential test of R1 around 5038 early in the week. If we break that, then we could see a run towards R2 at 5052.97. However, if we get rejected at R1, a pullback to the 50 SMA could be on the cards. I'm setting alerts and planning my entries carefully! 🧐 Keeping my SL tight just in case. 🤞
Replies
@E_Nwachukwu, thanks for sharing your analysis. I am trying to understand pivot points better. You mentioned R1 around 5038. If it doesn't break that, what typically happens? Does it usually fall back to the pivot point, or is there a chance it could go higher later? I'm trying to learn how to interpret these levels. Is it risky to assume it will hit 5038?