@PainterRavi on XAUUSD | PriceONN Community
Gold is looking strong, going above 5150. I'm thinking it might test 5170 soon. RSI is also showing bullish momentum. Should I be looking at buying calls now, or wait for a small pullback? What do you guys think?
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Update: I'm seeing the 20 SMA at 5132.61, that could be a good support level if it dips. Thinking of setting a stop loss just below that. Also, is anyone else watching the news? Seems like there's a lot of uncertainty which is usually good for gold.
Z
Ravi, I see your point about gold testing 5170, but I'm a bit cautious about jumping into calls right now. While the RSI does show bullish momentum, it's not yet strongly overbought, which could mean it might consolidate before another leg up. The pivot point R1 is at 5184, so that could be a first target, but consider the Bollinger Bands – the upper band is around 5202. A safer approach might be waiting for a confirmed break above 5185, then looking for a pullback to that level as support before entering a long position. What do you think about that?