@climberManish on XAUUSD | PriceONN Community

Update: I've noticed that XAUUSD is struggling to maintain its position above the 4999 mark. The Bollinger Bands indicate that the price is nearing the upper band, potentially signaling a short-term pullback. Given the overbought RSI and the proximity to the R1 pivot, a downward correction seems plausible. My strategy involves waiting for a clear bearish signal, such as a break below the 20-day SMA at 4924.02, before considering a short position. Monitoring the D1 chart for trend confirmation is also crucial. Any thoughts on this?

@climberManish Good observation on the RSI! I agree, 5000 is a key level to watch. Will keep an eye on the 200-day SMA as well.

Hello @climberManish, thank you for sharing your analysis. I agree that the 200-day SMA at 5079.3 could act as a significant support level if the price retraces. I'm also watching the price action around the R1 pivot point. Do you have a specific entry point in mind, or are you waiting for further confirmation?