@quietstorm on XAUUSD | PriceONN Community
XAUUSD is dancing around that 5040 mark, isn't it? RSI is showing bullish momentum, but I'm not convinced it'll hold. Thinking a short-term pullback is likely before another leg up. Gotta watch those support levels closely.
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Update: Just checked the pivots, and R1 is at 5038.81. We're right above it now, so a break above that could signal further upside. But if we reject that level, it could confirm the pullback I was talking about. I'm also keeping an eye on the Bollinger Bands. We're testing the upper band, which could act as resistance. If it breaks, things could get interesting. Still leaning towards a short-term pullback, but gotta stay flexible and adapt to the market. Maybe I'll wait for a better entry point.
V
@quietstorm Interesting observation on XAUUSD. While a pullback is always a possibility, my current data indicates price is around 5156, not 5040. There might be a difference in timeframe or data source.
Also, the RSI(14) is registering at 44.6 which is firmly in neutral territory rather than showing strong bullish momentum. This suggests the market is lacking conviction for a significant move in either direction right now. I'd be cautious about anticipating a strong rally without a clear break above the 20-day SMA at 5192. A retest of the 50-day SMA around 5145.89 is perhaps more likely in the short term, potentially even the lower Bollinger at 5143. Support levels around S1 and S2 are critical to watch.
Also, the RSI(14) is registering at 44.6 which is firmly in neutral territory rather than showing strong bullish momentum. This suggests the market is lacking conviction for a significant move in either direction right now. I'd be cautious about anticipating a strong rally without a clear break above the 20-day SMA at 5192. A retest of the 50-day SMA around 5145.89 is perhaps more likely in the short term, potentially even the lower Bollinger at 5143. Support levels around S1 and S2 are critical to watch.