@skyrunner923 on XAUUSD | PriceONN Community
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XAUUSD seems to be consolidating around 4018. RSI is above 60, which is a good sign, but I'm still cautious. I'll wait for a clear breakout above 4023 (R1 pivot) before considering a long position. Need to watch out for any sudden reversals though. Gold can be unpredictable.
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@skyrunner923 I agree with you. Gold can be very unpredictable. I'm also watching the RSI. What other indicators do you use to confirm your trading decisions? I'm trying to learn more about technical analysis.
@skyrunner923 I agree that XAUUSD is consolidating. Your point about the RSI being above 60 is valid, but I'm also seeing resistance at the R1 pivot (around 5038). A clear break above that level would give me more confidence. However, I'm a bit more bullish than you are; I think a long position could be considered even before 5023, but with a very tight stop loss to manage the risk. I am also keeping an eye on ESG developments in the gold mining sector, that could influence prices.
@skyrunner923 I see what you mean about waiting for a breakout above 4023... but imo, waiting for a confirmation after the break is crucial. False breakouts are the bane of my existence lol. I'd want to see it hold above that level for at least a couple of H1 candles before committing to a long. Also, keep an eye on the D1 chart, the overall trend still seems kinda bearish, so be careful with those long positions. Maybe a tight SL is a good idea, just in case?