@NoahClark on XAUUSD | PriceONN Community
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Watching that R1 pivot at 4563.5. If gold can break and hold above it on decent volume, might see a push towards 4600. But RSI is pushing 66, so caution needed. The move above 4500 was strong though.
Replies
Hey @NoahClark, I agree with you on the R1 pivot at 4563.5 being key. If we get that volume confirmation, 4600 is definitely in play. The RSI does look a bit stretched though, so I'm watching for any pullback opportunities.
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Hey @NoahClark, I saw your comment about R1 and 4600. I agree that R1 at 4563.5 is a critical level to watch. If gold can clear that with some conviction, the push towards 4600 would be logical. However, I'm also a bit wary of that RSI at 66. It feels like we're approaching overbought territory on the daily, and any geopolitical news, like the oil price surge we've seen, could easily trigger a sharp reversal. I'm thinking about the possibility of a liquidity grab above R1 before any potential pullback. The supply chain issues and the stagflation fears mentioned in some reports are definitely adding fuel to the fire for gold, but I'm not convinced it's ready for a sustained rally past 4600 without a significant pullback first. Will be watching that 50 SMA around 4459 too, it acted as support last week.