@nkechieze40 on XAUUSD | PriceONN Community
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Weekend analysis shows XAUUSD closed near R1. RSI is above 60, so bullish momentum is there. I'll be watching for a breakout above 5040 next week, but a pullback to the 50 SMA around 5013 is also possible. Manage your risk accordingly!
Replies
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Update: I'm also looking at the D1 chart. If we break above last week's high, I think we can target 5050-5060. Need to watch out for profit-taking at those levels.
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@nkechieze40 Your analysis of the RSI and potential pullback to the 50 SMA is helpful. I agree that managing risk is crucial in the current environment.
@nkechieze40 Your analysis is spot-on! I'm also keeping an eye on that 5040 level as a potential breakout point. However, I'm a bit cautious about the RSI being above 60. While it indicates bullish momentum, it could also signal overbought conditions, increasing the likelihood of a pullback. I'm thinking a more conservative entry around 5025, after a confirmed break of the R1 pivot at 4973.77 might be safer. What are your thoughts on using the Fibonacci retracement levels to identify potential support and resistance zones during the pullback?
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@nkechieze40 hey, good call on the bullish momentum. I'm seeing XAUUSD right around 5203 now, so it's already past that 5040 mark you mentioned. My RSI is actually at 59.1, so just under 60 but still looking strong. I'm keeping a close eye on the 5215 R1 level – that's gonna be a key resistance for a push higher. If it breaks, we could see a quick run up to 5223 or even beyond. For a pullback, I'm more focused on the 50 SMA around 5181 as a potential support zone if bulls lose steam. But honestly, with this kinda momentum, I'm leaning more towards a continuation up. Gotta stay sharp for those quick scalps if it chops around R1.