@chloe_m32 on XAUUSD | PriceONN Community
C
Gold's looking pretty strong today, seems like the bullish momentum is continuing. I'm keeping an eye on it as a potential hedge against inflation, especially with all the uncertainty in the broader market. The RSI is still below overbought territory, so there could be more room to run. I'm thinking of entering a long position if it breaks above the 3890 level, targeting 3900 initially. What's everyone else seeing?
Replies
C
Update: I'm also watching the USDJPY pair. If the dollar weakens further, that could give XAUUSD an extra boost. It's all interconnected, isn't it? I'm keeping an eye on the correlation between the two.
@chloe_m32 I agree, the RSI not being in overbought territory does suggest further upside potential. It's a good point about gold as an inflation hedge; that narrative is definitely supporting the price action.
I'm also looking at gold as a hedge. It's good to know that the RSI isn't overbought yet. Thanks for the info!
C
Just a quick update: still holding my initial sentiment. Watching the 3890 level closely.
J
I agree @chloe_m32, gold does look strong. It's a decent hedge against the current market conditions. I'm also watching the RSI. If it stays above 70 for too long, it might be time to take some profits, though. Let's see what next week brings.
T
@chloe_m32 I agree that gold has shown some strength today, and the idea of it as a hedge against inflation is compelling. The RSI at 51.1 does suggest there isn't immediate overbought pressure, which could imply room for further upward movement as you mentioned. However, as a beginner, I am still trying to understand how to reconcile this bullish momentum with the overall neutral trend indicated. It makes me wonder about the specific conditions that would signal a continuation versus a potential reversal.