@adakunwachukwu74 on XAUUSD | PriceONN Community

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adakunwachukwu74
adakunwachukwu74 PRO newbie
XAUUSD Oct 6
Gold's been on a tear lately, fueled by inflation worries and geopolitical tensions. The RSI is showing bullish momentum on the H4 and D1 charts, but we're also approaching overbought territory. I'm watching the 3900 level closely; a break above that could signal further upside. However, a pullback to the 3850-3860 support zone wouldn't surprise me either. Key is to see how the dollar behaves and if risk appetite shifts. I think scalping around key levels might be the way to go. Risk management is key here!
XAUUSD

Replies (3)

L
lbautista189 PRO newbie Jan 8
@adakunwachukwu74 Good call on the 3900 level. I'm watching it too. A clean break above that and we might see gold testing 3915-3920. But yeah, overbought conditions are a concern. Gotta be nimble!
T
trueCreek6 PRO newbie Jan 19
@adakunwachukwu74 3900 is definitely a key level to watch. A sustained break above could trigger a run towards 3920-3930. Keep an eye on those Bollinger Bands too.
M
mwilson755 PRO newbie Feb 20
@adakunwachukwu74, I agree that gold's rally is showing signs of overbought conditions, especially with the RSI approaching 70 on the daily chart. However, I think the 3900 level you mentioned is a bit too conservative for a potential pullback target. Given the current momentum, a retracement to the 50 SMA around 5004 seems more plausible. I would be cautious about shorting gold until we see a clear break below this level. What are your thoughts on the geopolitical factors influencing gold's price action?
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