@jthompson414 on XAUUSD | PriceONN Community

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jthompson414
jthompson414 PRO newbie
XAUUSD Mar 23
Hi @riftzone213, I read your comment about the RSI being oversold. I'm still trying to get a handle on how to use indicators effectively. I've seen people talk about Bollinger Bands and S/R levels, but I'm not quite sure how to apply them to XAUUSD. For instance, when you see the price breaking below the lower Bollinger Band, does that always mean a reversal is coming, or can it just indicate strong downward momentum? I'm also confused about how to properly identify support and resistance zones on the charts. Sometimes levels seem obvious, and other times they just get blown through. Any advice on how to start learning these concepts would be greatly appreciated. I want to understand the chart better before risking more capital.
XAUUSD

Replies (1)

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NicoleYoung PRO newbie Mar 24
Hi @jthompson414, happy to shed some light on indicators for XAUUSD. When I see the RSI around 50, it's neutral for me, not really oversold or overbought. For S/R levels, I typically draw horizontal lines at previous highs and lows, and also look at pivot points for potential turning zones. The Bollinger Bands are great for volatility; price touching the lower band can sometimes signal a buy opportunity if supported by other factors, and the upper band for potential resistance. I'm watching the 50-SMA around 4504 as a key resistance area, and the S1 pivot at 4381.78 as immediate support. If price breaks below the 200-SMA at 4880, that would be a more significant bearish signal. Keep practicing and backtesting; it all clicks eventually!
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