@anitapilot on XAUUSD | PriceONN Community
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Weekend analysis of XAUUSD shows a possible continuation of the bullish trend. RSI is above 50, indicating buying pressure. However, I'm cautious about a potential pullback early next week before any further upward movement. Keeping an eye on the 5050 level as possible resistance.
Replies
Good points @anitapilot. I'm also seeing a continuation of the bullish trend on the D1 chart, but that possible pullback you mentioned is definitely something to consider. The 5050 level seems like a strong resistance area, and I'll be interested to see how gold reacts when it gets there. I'm thinking of scaling into my long positions gradually, rather than going all-in at once. What indicators are you using to confirm your analysis? Just curious to get another perspective. Thnk it's a good plan to keep an eye on what's happening.
Regarding your XAUUSD analysis, I'm exercising extreme caution on any immediate bullish continuation. While a pullback is certainly possible, the current RSI is actually below 50, sitting around 47.7, which doesn't strongly support immediate buying pressure. We're also seeing a neutral trend overall.
For position trades, I need more conviction. Waiting to see if the price can hold above the 5150 region, or if it retests lower levels like the 5120 Bollinger band support. A break and sustained move above the 5160-5165 area, potentially clearing the 20 and 50 SMAs, would be more convincing for me to consider a long position. Until then, capital preservation is the priority.
For position trades, I need more conviction. Waiting to see if the price can hold above the 5150 region, or if it retests lower levels like the 5120 Bollinger band support. A break and sustained move above the 5160-5165 area, potentially clearing the 20 and 50 SMAs, would be more convincing for me to consider a long position. Until then, capital preservation is the priority.
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@anitapilot I agree with your analysis. The bullish trend looks strong, but a pullback seems likely before it goes much higher. I'm a bit new to this, but I'm trying to learn more about using the RSI to time my entries. Do you usually wait for it to come back below 70 before considering a long position? I'm also curious about that 5050 level you mentioned. Is that based on previous support/resistance or something else? Trying to understand how to find those key levels myself.