@ali_r11 on XAUUSD | PriceONN Community
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I am observing XAUUSD's performance closely. The price has shown a significant increase today, currently around 5028. A question for the forum: do you believe this rally is sustainable, or are we likely to see a retracement in the near term? I'm curious to hear different perspectives on the factors driving this movement.
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Update: Regarding my earlier question, I've been analyzing the gold chart further. The RSI(14) is currently around 56.8, indicating neutral momentum, but it is approaching overbought territory. Also, the price is currently testing the R1 pivot point at 5043.29. A break above this level could signal further upside, but a rejection could lead to a pullback towards the 50 SMA around 5010.36. I'm still hesitant to commit to a long position until I see more confirmation of the bullish trend.
@ali_r11 Good question about the sustainability of this rally. I think a retracement is definitely possible. The RSI is approaching overbought territory on the shorter timeframes (H1, H4). I'd be looking for potential shorting opportunities if we see a rejection at the R1 pivot around 5202.29. Keep an eye on volume too.