XAUUSD is currently testing the R1 pivot level. A decisive break above 5038.81 could signal further upside potential. However, the RSI is approaching overbought territory, so a pullback is also possible. What are your thoughts on potential entry points for a long position?
@antonio739, I agree that the R1 pivot is a key level to watch. I'm a bit hesitant to go long right now, even if it breaks through. The RSI is definitely creeping into overbought territory on the hourly chart, and I think we could see a decent pullback to the 5080 level before any sustained upward movement. I'd be looking for a retest of that R1 level as support before considering an entry. Maybe a small position with a tight stop below 5075? Just thinking out loud here, not financial advice of course!
