@AbimbolaAdesanya on XAUUSD | PriceONN Community
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Watching XAUUSD on the H4 chart, I see a clear bullish momentum pushing it towards the Bollinger Band resistance at 4820. The RSI is sitting at 72.9, which is definitely in overbought territory, but we've seen gold push higher even when RSI is this high, especially when there's news driving it. The 200-day SMA at 4721 is still holding as a solid support zone, and price is well above it. I'm looking at that R1 pivot point at 4818 as a potential short-term hurdle. If we break above that convincingly, especially with good volume, then 4826 or even higher could be next. It feels like this geopolitical tension is really providing the displacement candles we need to see for sustained upward movement.
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Hey @AbimbolaAdesanya, I see what you're saying about the H4 bullish momentum, but that RSI at 72.9 is screaming overbought to me, even with the news. Remember what happened last week when we got that employment report? Gold shot up but then dumped hard because it was unsustainable. That Bollinger Band resistance at 4820 is a major level, and frankly, the dollar strength today isn't helping. I'm seeing more of a potential pullback here, not a continuation. That news about Iran and the dollar gaining is a big bearish signal for gold, no matter how you slice it. Be careful chasing that move, it looks like a trap.