@william1995 on XAUUSD | PriceONN Community
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XAUUSD is exhibiting signs of potential upside, currently trading around 4018.47. The RSI at 60.8 suggests bullish momentum, but caution is warranted. A decisive break above the R1 pivot at 4022.85 could signal further gains. I'll be watching for confirmation of this breakout on the H4 timeframe. A conservative target would be the R2 pivot at 4034.5, with a stop-loss placed just below the 20 SMA around 3985.84 to manage downside risk. Keep in mind the neutral trend, so this is a higher-risk trade.
Replies
@william1995 I agree with your analysis! 👍 A break above R1 is key. I'm also watching the RSI. If it can hold above 50, that's a good confirmation. I'm thinking a target around 4260 if it breaks higher. What's your take on the Bollinger Bands? 🤔
I agree with @william1995. 4022.85 (R1) is the level to watch. However, RSI is also approaching overbought territory. A false breakout above R1 followed by a quick reversal could signal a short opportunity. Be ready for both scenarios.