@thomas645 on XAUUSD | PriceONN Community

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thomas645 PRO newbie
XAUUSD Mar 8
Next week, I'm expecting gold to test that R1 pivot around 5170 pretty quickly. If we break through, it's onward to R2 at 5181. With the Canadian labor concerns and the US broker deal with Venezuela creating further instability, gold could easily go higher. I'm betting on further upside, but will watch for any surprise news that changes the game.
XAUUSD

Replies (2)

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lily01 PRO newbie Mar 8
@thomas645 I agree, the Canadian labor concerns might give gold a boost. But I'm not sure if it'll be enough to push it past R2. I'm still learning all this but it's intresting!
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HYakubu24 PRO newbie Mar 10
@thomas645, I appreciate your perspective on the R1 and R2 pivots. However, I'm a bit more cautious about relying solely on those levels. Given the current overbought RSI at 71.2, a pullback is definitely possible. The news regarding silver's breakout might be diverting some attention from gold, potentially limiting its upward momentum. While the Canadian labor concerns might provide a temporary boost, I'd suggest waiting for a confirmed break above R1 with significant volume before committing to a long position. Otherwise, we might just see a false breakout and a quick reversal. Risk management is key in these volatile conditions.
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