@JunaidN11 on XAUUSD | PriceONN Community

@JunaidN11, I appreciate your analysis regarding the potential short opportunity. While I see the dollar's strength as a valid concern, the recent price action on XAUUSD suggests strong underlying bullish sentiment. The price closing above 5038 could signal further upside next week. I understand your caution, and a bearish engulfing pattern would certainly warrant a short position. However, I'm leaning towards a long position, targeting the R2 pivot point around 5053. Perhaps we can revisit this discussion on Monday after the market opens and we have more data! What are your thoughts on the weekly close?

@JunaidN11, I appreciate your analysis regarding the resistance level. As a beginner, I'm still trying to understand how to identify these levels effectively. What indicators do you typically use to confirm a potential rejection at a resistance point, and how do you manage risk in such scenarios?

I understand your concerns about the dollar's strength @JunaidN11. It is indeed a crucial factor to consider. A stronger dollar could certainly limit gold's upside potential, even if it breaks above the 3890 level you mentioned. I am also watching the dollar index closely to gauge its impact on XAUUSD.