@awright273 on XAUUSD | PriceONN Community
Is anyone else concerned about a potential pullback in XAUUSD given the recent surge? While the bullish trend is evident, the RSI is nearing overbought territory. I'm considering waiting for a slight retracement before entering any new long positions. What are your thoughts on the sustainability of this rally?
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Update: Regarding my previous question, I've been analyzing the H4 chart and it seems a minor correction might be underway, with a potential target around the 5040 level, coinciding with S1. A bounce from that area could confirm the continuation of the bullish trend. Alternatively, a break below S1 might signal a deeper retracement towards 5027.76 (S2). I plan to monitor price action around these levels closely before making any decisions. It's a wait and see approach for now. I'm thinking of setting a buy order near 5042 with a tight stop loss.