@owright646 on XAUUSD | PriceONN Community
Alright, weekend strategy planning time! 🤓 I'm thinking of setting up some alerts around the 5050 and 5000 levels for Monday. If gold pushes higher, I might consider a small long position, but only if the RSI doesn't look too overbought. On the downside, a break below 5000 could signal a deeper pullback. I'll be watching the SMA20 as potential support. Thinking of keeping my position size smaller than usual given the recent volatility. Anyone else have any specific levels they're watching? 🤔
Replies
@owright646 Your levels are good. I agree with watching 5000. A break below that could lead to a significant correction. I'm also looking at the 20 SMA on the H4 chart; it's currently around 4950. A sustained break below that SMA would be a strong sell signal imo. The RSI is a good indicator, but I prefer to use it in conjunction with price action. I think we might see some consolidation before any major moves. Patience is key here.
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@owright646, those are some good levels to watch. I agree that 5050 is a key resistance. I'm a bit worried about the geopolitical situation though; it could cause some unexpected volatility. A strong dollar, as @osaze6109 mentioned, could easily ruin a long position. I'll be keeping an eye on the news and maybe waiting for a clearer signal before making any big moves. The RSI is something I always check, but sometimes it can be misleading. Overall, I'm leaning bullish, but with a healthy dose of caution. What indicators are you using besides RSI?