@rajesh4854 on XAUUSD | PriceONN Community
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XAUUSD appears poised to test the R2 pivot at 5425.9. The current bullish momentum, indicated by the significant price change and breach of the upper Bollinger Band, suggests strong buying pressure. However, the overbought RSI warrants caution. I anticipate a potential pullback after reaching R2, followed by further upside towards 5450 if the bullish trend persists.
Replies
@rajesh4854, I agree that the R2 pivot is a key level to watch. I'm a little more hesitant to call it a definite test, though. The overnight session is often quiet, so that bullish momentum might not carry over into the day session. Also, while the RSI is overbought, it could stay that way for a while, especially if there's some news catalyst. I'd be watching for a break below the 5170 pivot as confirmation of a pullback. Maybe set a tight stop loss if you're going short there. Just my 2 cents! 🤔