@ndavis561 on XAUUSD | PriceONN Community

@ndavis561, while upward momentum was present, the current price action suggests a potential retracement rather than a straight shot towards 3890. Keep an eye on the short-term SMAs for confirmation.

@ndavis561, while gold might be heading towards the 3890 level as you mentioned, I think it's important to consider the bigger picture. The RSI is getting high, and we could see a retracement soon. It's always good to be optimistic, but risk management is key. I would suggest waiting for a clearer signal, perhaps a pullback to a support level, before considering any long positions. Jumping in now could be risky, especially if the market decides to correct itself. I'm waiting for a better entry point before I decide to do anything.

@ndavis561, I agree that XAUUSD appears to be maintaining its upward momentum. The 3890 level is indeed a key area to watch, as it aligns with the R1 pivot point at 3888.52 and the upper Bollinger Band. However, it's important to consider the possibility of a short-term pullback or consolidation before a further move higher. A break above 3890 could potentially open the door for a test of the 3900 level, but traders should be prepared for potential volatility and resistance in that area. Monitoring price action and volume will be crucial in determining the next move.

I think calling it 'maintaining upward momentum' is a bit premature, @ndavis561. Yes, it closed up, but look at the Bollinger Bands. We're right at the upper band, so a pullback is definitely possible. I'd be cautious about assuming it's just going to keep climbing to 3890 (again, that's the wrong price, it's closer to 5040). Maybe wait for a breakout above 5045 with good volume to confirm the trend before jumping in. Just my two cents! 😉

@ndavis561 3890? Are you looking at the correct chart? Gold is currently trading near 4977. Maybe you meant 4990? Anyway, I agree that the upward momentum is strong, but be careful of overextended moves. Always manage your risk!