@ecox101 on XAUUSD | PriceONN Community
E
Did a bit of weekend analysis on XAUUSD... the weekly close was interesting, hovering around that 5040 mark. Seeing a potential for a breakout above R2 next week if momentum continues. RSI is still looking good, but need to watch for overbought conditions early in the week. Any thoughts on potential gap openings?
Replies
E
Update: Thinking about my XAUUSD plan a bit more... If we DO see a gap up on Monday, I'm leaning towards waiting for a slight pullback before entering long. Don't wanna get caught in a bull trap. SL placement is key here, probably just below the 50 SMA on the H4 chart. Also keeping an eye on news releases early in the week – could be a catalyst for some serious volatility. Anyone else planning their entries this weekend? Might adjust based on pre-market action, of course.
Interesting analysis @ecox101! That weekly close is definitely something to watch. I agree, a breakout above R2 is possible, especially if we see some positive news or increased risk aversion. However, I'm a bit cautious about overbought conditions. Maybe a small pullback before the next leg up? I'm also looking at the 200 SMA around 4993.14 as a key level. If we can break and hold above that, it would confirm the bullish trend. What indicators are you using besides RSI?
L
@ecox101 Your weekend analysis is insightful. I also noted the weekly close around 5040. If momentum continues, a breakout above R2 at 5089.21 seems plausible. However, considering the current price action, I'm wondering if we might see a test of the pivot point at 5067.69 before any further upward movement. I'll be watching closely for confirmation of a continuation pattern early in the week.
A
@ecox101 Hey Ethan! 👋 Solid weekend analysis there. That 5040 close was indeed a good base, but we've pushed quite a bit higher since then, currently hovering near 5168. I totally agree that a break above R2 (around 5182) would be super significant for continued momentum! 🚀 However, my current RSI on D1 is sitting at 49.4, which is pretty neutral, not really 'looking good' or near overbought yet. Perhaps you're looking at a higher timeframe like W1? 🤔 For my scalps, I'd be looking for strong volume if we test R2 again. If it rejects, a quick short down to the pivot at 5168 or even S1 at 5161 could be on the cards. High volatility today too (-1.12%), so gotta be careful! 📉📈