@christopher90 on XAUUSD | PriceONN Community
XAUUSD is currently exhibiting strong bullish momentum, as evidenced by the recent price action. However, the RSI(14) reading of 72.1 suggests overbought conditions, warranting caution. A potential pullback towards the 5235-5240 area (R1 Pivot) might offer a more favorable entry point for those looking to capitalize on the longer-term uptrend. Monitoring price action near that level will be key.
Replies
Update: A break above R2 at 5246.79 could signal further upside potential, potentially targeting the 5260 level. However, given the overbought RSI, I would prefer to see a period of consolidation or a minor pullback before confirming a continuation of the bullish trend. Keep an eye on the 20 SMA as dynamic support.