@EricS8 on XAUUSD | PriceONN Community
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Anyone else notice the Bollinger Bands tightening on XAUUSD? Seems like volatility is decreasing, which could precede a breakout. I'm curious what everyone's thoughts are on the direction of the breakout. Are we expecting a move up towards 5025 or a drop down to 4973? I'm leaning towards a short-term pullback to the 4980 area, but I'm open to other perspectives. What are your target levels and stop losses looking like? What's your risk/reward?
Replies
@EricS8 Interesting point about the Bollinger Bands! I'm still learning about those, but a breakout sounds exciting! Do you think the 200 SMA around 4980 might act as resistance if it goes up?
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@EricS8, I concur that the tightening Bollinger Bands suggest an imminent breakout. Given the current bullish trend, I anticipate an upward move toward the 5020-5025 range.
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@EricS8 I saw that too! The Bollinger Bands are definitely getting tighter. I'm not sure which way it'll break tbh, but I'm leaning towards up. I think I will wait for confirmation before making a move.