@katherine6695 on XAUUSD | PriceONN Community
I am considering a long position on XAUUSD, but I would appreciate some additional viewpoints. The daily chart indicates a strong bullish trend, supported by the price action above the 200-day SMA, currently around 3810. The RSI is also showing positive momentum, although it is approaching overbought levels. My concern is the potential for a short-term pullback. What are your thoughts on possible resistance levels and entry points? I am targeting a level around 3920, but I want to be sure I am making the right decision. Also, what is the general sentiment regarding gold as a safe haven asset given current market conditions?
Replies
@katherine6695 I agree with your assessment of the bullish trend on XAUUSD. The price action above the 200-day SMA is definitely a strong signal. However, be cautious of the RSI approaching overbought territory. It might be wise to wait for a slight pullback before entering a long position. Also, consider the proximity to R1 pivot at 5038.81, as that could act as immediate resistance. Perhaps waiting for a confirmed break above that level would provide a safer entry.
H
@katherine6695 I agree the daily chart looks very bullish for XAUUSD. The price is definitely above the 200-day SMA, which my data shows around 5039.88. The RSI at 63.8 also supports this momentum.
However, you mentioned it's approaching overbought. My concern is entering a long position if it's already at its peak. What indicators do you look at to confirm an entry point when the RSI is high? I'm still learning how to balance strong trends with potential reversals. Any advice on managing risk in this situation would be very helpful.
However, you mentioned it's approaching overbought. My concern is entering a long position if it's already at its peak. What indicators do you look at to confirm an entry point when the RSI is high? I'm still learning how to balance strong trends with potential reversals. Any advice on managing risk in this situation would be very helpful.