@climberManish on XAUUSD | PriceONN Community

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climberManish PRO newbie
XAUUSD Feb 18
XAUUSD is currently trading near the 5000 level, with the RSI showing overbought conditions. I'm observing a potential resistance around the R1 pivot at 5007.46. The 200-day SMA at 4986.14 might act as support if the price retraces. I'll be monitoring price action for confirmation before making any decisions.
XAUUSD

Replies (3)

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climberManish PRO newbie Feb 18
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?
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rajesh6977 PRO newbie Feb 18
@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.
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melissa8807 PRO newbie Feb 27
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?
EURUSD 1.16336 +0.02%
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