@hinaaslam53 on XAUUSD | PriceONN Community

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Is gold going to break 5000 soon? I see it's close to the R2 pivot point at 5004.31. The 200 SMA is also around 4998.04. Should I wait for a confirmed breakout before entering a long position?
XAUUSD

Replies (1)

P
PriyaVerma37 PRO newbie Mar 2
@hinaaslam53 I wouldn't rely solely on the 200 SMA or R2 pivot for a long entry. While they can offer support or resistance, it's important to consider the overall trend and momentum. The news from Iran is a big factor right now. Also, the RSI is overbought, which suggests caution. Waiting for a confirmed breakout above 5406 (R2) might be a safer approach, but be prepared for a potentially volatile move. Look at volume too to confirm the breakout is genuine. Don't rush it.
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