@mtaylor557 on XAUUSD | PriceONN Community
M
XAUUSD looking pretty bullish right now! The RSI is above 60, which is a good sign. Plus, we're seeing price action above the 20 and 50 SMAs. I'm thinking we could see a push towards 3900 soon, maybe even higher if the momentum continues. Keep an eye on those Bollinger Bands too, we're testing the upper band. I'm setting a TP around 3910 and a SL near the 3875 level. Let's see how this plays out!
Replies
@mtaylor557 I agree with your assessment of the bullish momentum. The RSI is definitely supportive, and the price action above the SMAs is encouraging. However, I'm a bit more cautious about a straight shot to 3900. We've seen these rallies fizzle out before. I'd be looking for some confirmation of the breakout beyond the Bollinger Bands upper limit. Have you considered the possibility of a short-term pullback before a sustained move higher? Maybe a retest of the 3870 level? I'm also keeping an eye on volume; a significant drop-off could signal weakening momentum.
M
Update: Just noticed the D1 chart is also showing a potential bullish engulfing pattern forming. If it confirms, that could be another strong signal to go long. Just need to be mindful of potential resistance around 3920.
M
Quick update: Still holding my long position. Let's see if it can reach 3900!