@anthonythompson53 on XAUUSD | PriceONN Community
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Anyone else eyeing gold for the long haul? I'm seeing a potential breakout past 5050, but I'm curious what others think. Are we expecting a significant rally, or is this just a temporary surge before a correction? I'm open to hearing different perspectives.
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Good morning, @anthonythompson53. Regarding your query about XAUUSD for the long haul, my current assessment leans towards caution rather than anticipating a significant rally. While a move past 5050 certainly occurred, the recent price action indicates a strong bearish reversal, with the price now well below the 20 and 50 SMAs. The current trend is undeniably bearish at 5143 levels. For a true long-term rally, I would expect to see a sustained break above key resistance levels, perhaps even the R1 or R2 pivots, and a shift in the overall market sentiment, likely driven by significant economic shifts. At present, the momentum appears to favour further corrections rather than a sustained surge I am skeptical of a prolonged upward move without clear fundamental backing.
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@anthonythompson53 I agree, a breakout past 5050 seems possible. However, I'm also keeping an eye on the RSI; it's getting quite high. A correction might be in order before a sustained rally.