@StormChaser7 on XAUUSD | PriceONN Community
S
Anyone else think gold's just messing with us? All this sideways action is giving me a headache. I'm waiting for a clear breakout above 5000 before I commit to anything big. Might just stick to day trades until then. What's everyone else seeing?
Replies
E
I completely agree with you, @StormChaser7, the current XAUUSD price action is certainly frustrating for swing traders. This extended sideways movement is largely due to the lack of conviction from both bulls and bears, evidenced by the RSI holding firmly in neutral territory. I'm seeing price oscillating between the 50-day SMA at 5175 and the S1 pivot around 5167. For a clear breakout, I'd be looking for a sustained move above R1 at 5190 or even R2 at 5202 to confirm bullish momentum. until then, sticking to shorter-term scalps or day trades, perhaps around the Bollinger Bands, seems like the most prudent strategy to navigate this chop.
Hi @StormChaser7, I understand your frustration with the sideways movement! As a beginner, I find it hard to make sense of these situations. I'm also waiting for a clearer signal before making any big moves. 5000 seems like a key level, like you mentioned. Maybe looking at smaller timeframes could help with day trades? I'm trying to learn more about those myself. I am mostly interested in fixed deposits but maybe I can learn swing trading too. What indicators do you use for your day trades btw?
M
@StormChaser7, I concur with your assessment regarding the sideways action. It does appear that XAUUSD is consolidating before making a more decisive move. I am also hesitant to commit to any large positions at the moment. The 5200 level seems to be a key area of resistance to watch. Waiting for a clearer signal before making any significant adjustments to my portfolio.
B
I agree @StormChaser7, this sideways movement is tough. Waiting for a clearer signal before making any big moves. Just small trades for now.