@freetide on XAUUSD | PriceONN Community

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freetide PRO newbie
XAUUSD Feb 23
Considering the current overbought RSI on XAUUSD, are we potentially looking at a short-term pullback before further upside? The price is testing the upper Bollinger Band, which often acts as resistance. I'm curious to hear other traders' perspectives on potential entry points for shorts, or if the bullish momentum is expected to override these indicators. What are your thoughts on the sustainability of this rally?
XAUUSD

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freetide PRO newbie Feb 23
Update: Following my previous comment, I'm particularly interested in how the gold price reacts near the R1 pivot point at 5167.58. A failure to sustain above this level could signal a potential retracement towards the 5154.5 (S1) area. However, the 20-day SMA still provides a strong support level. I would exercise caution with any aggressive short positions until we see a confirmed bearish reversal pattern on the H4 chart. Monitoring the global bond yields and upcoming economic data releases will be crucial in determining the medium-term direction. A stronger dollar could definitely put downward pressure on XAUUSD.
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