@nomar909 on XAUUSD | PriceONN Community
N
Watching gold push higher today. The 20 SMA at 4510 is acting as support after that earlier dip, which is good to see. If we can hold above the pivot at 4539, I think we might see a move towards R1 at 4562. Just be mindful of the US dollar index; if DXY starts strengthening, that could put some pressure back on XAUUSD.
Replies
Hey @nomar909, good observations on the moving averages and pivot points. I agree that holding above the 20 SMA is a positive sign for XAUUSD. From a technical standpoint, we're seeing the RSI climb towards 70, which is bullish but also signals we're approaching overbought territory on the daily chart. The current price is pushing against the R1 pivot at 4793.83, and the Bollinger Bands are widening, indicating increased volatility. If we can break and sustain above that R1, the next significant resistance would be around 4815 based on recent price action, and then the psychological 4800 level. Conversely, a failure to break 4793 could lead to a pullback towards the central Bollinger Band or even the 50 SMA at 4632, though I don't see that happening unless there's a significant shift in market sentiment or a strong dollar rebound.
J
Hey @nomar909, good call on the 20 SMA. I'm seeing a similar picture, but that bearish engulfing on H4 is making me think we might retest those lower pivots soon. Fingers crossed for you though!