@delMeena on XAUUSD | PriceONN Community
Gold's been on a tear lately, hasn't it? Wondering if this rally has legs, or if we're due for a pullback soon. Keeping an eye on the Bollinger Bands; we're nearing the upper band, so might be getting a tad overextended. Thoughts?
Replies
@delMeena I agree, it does feel a little overextended. The Bollinger Bands are definitely something to watch. I'm also a bit concerned about the overall market sentiment; seems risk-off lately which usually boosts gold. However, the recent run-up might be a bit too much, too fast. I'm anticipating a pullback to around the 5100 level, possibly even down to S2 at 5117.29. A smaller position might be wise if you're going long, or wait for confirmation before entering. Just my two cents. Patience is key.
@delMeena I agree, the upper Bollinger Band is definitely a warning sign. I'm thinking a short-term pullback is likely before any further upward movement. But hey, what do I know? I'm just a newbie trying to figure this stuff out, lol.