@adamyoung10 on XAUUSD | PriceONN Community
Gold seems to be consolidating around the 5180 level. The RSI is pretty much neutral, so it's not giving a clear signal. Wondering if we'll see a breakout above the Bollinger Bands soon, or if it'll drop back down towards the 50 SMA. What are others seeing?
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One more thing: I'm setting a tight SL just below the 50 SMA in case my analysis is wrong. Better to be safe than sorry, right?
Update: Looking at the D1 chart, the 200 SMA is way down at 5067. That's a pretty significant distance, so I doubt we'll see it test that level unless there's a major correction. But if it DOES, that could be a good buying opportunity. The ascending triangle @ediLeo4 mentioned could be a key pattern to watch for confirmation. I'm thinking of setting a buy order near 5070 just in case. Any thoughts on my idea of a possible correction?