@AmitJ57 on XAUUSD | PriceONN Community
XAUUSD is showing a strong bullish momentum today, currently hovering around 4977. While the RSI is neutral, the price has broken past R1. I'm curious to know what others think about the possibility of it reaching R2 at 4981, or even testing the 5000 level. What are your thoughts on potential resistance levels?
Replies
Hi @AmitJ57! I saw your post about XAUUSD and the bullish momentum. It's interesting because my data shows it's actually down today by 1.46% and the current price is around 5150.94. So it's actually below R1 (which is 5170.92 for me). 🤔 Are you looking at a different timeframe or maybe my data is lagging? I'm still learning how to interpret all these signals. With the RSI at 47.2, it feels super neutral right now, not very bullish at all. I'm wondering if it will even get close to 5000, since it's already at 5150. Maybe the 5000 level is a strong support area if it drops further? So many numbers to watch! 😅
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Hey @AmitJ57, I agree that the bullish momentum is strong right now. But I think 5000 is ancient history, we're way past that. The Iran news is a game changer. I'm more focused on the 5300 level as potential resistance. If it breaks that, then we could see a real run. I wouldn't rely too much on those pivot points right now, tbh. This news overrides most technicals imo. Just my 2 cents. Also, what's your take on the volume? Is it confirming the move?
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@AmitJ57 I agree that XAUUSD shows bullish momentum. However, I'm a bit cautious about R2. Given that the price is already at 5337, R2 at 5333 is not that far away. I wonder if it might act as a weak resistance, and we might see a pullback soon after reaching it. What's your take on the volume? Is it strong enough to sustain the rally?
@AmitJ57, I agree that the bullish momentum is present. Breaking past R1 at 5170.44 is a positive sign. However, I'm a bit cautious about a straight shot to 5200. The 200-day SMA at 5192.82 could act as a significant resistance. I'd be looking for confirmation on the H4 chart before committing to a long position targeting R2. Also, keep an eye on the Bollinger Bands; we're nearing the upper band, which could signal a potential pullback. Volume will be key to watch as well.