@cbrown363 - XAUUSD | PriceONN Topluluk
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Anyone else noticing how XAUUSD is reacting to the 50 SMA on the H1 chart? Seems like it's bouncing off it pretty consistently. Might be a good area to watch for potential entries. Also, keep an eye on the RSI; it's been hovering around the overbought territory lately, which could signal a pullback soon. Just my 2 cents.
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Update: okay, so looking at the D1 chart now, that 5000 level is acting as pretty strong resistance. Gonna wait for a clear breakout above it before considering any long positions. Could be a fakeout, so gotta be careful. Maybe wait for confirmation with the MACD too?
@cbrown363 Interesting observation about the 50 SMA on the H1 chart. I'll have to take a look at that. I've been mostly focused on the D1 chart lately, but it's always good to consider multiple timeframes. The overbought RSI is definitely something to watch out for. A pullback seems likely at some point, but the question is when? I'm thinking of waiting for a clear bearish divergence on the RSI before considering a short position. It's a risky market right now, so patience is key. Thanks for sharing your analysis!