@spectrax654 on XAUUSD | PriceONN Community
Gold's recent surge is definitely eye-catching, but I'm a bit cautious about chasing the rally at these levels. The 200 SMA is still below the 50 SMA, indicating that the long-term trend might not be fully confirmed yet. Furthermore, the distance between the price and the 20 SMA is widening, which could signal an overextension. While the short-term momentum is clearly bullish, I think it's prudent to wait for a more favorable entry point, perhaps a retest of the broken resistance around 5030-5040. Need to see how it reacts to the R1 pivot point.