@vivekarcher on XAUUSD | PriceONN Community
Looking ahead to next week, I anticipate XAUUSD to test the R2 pivot point around 5053. If it manages to break that level with sustained momentum, we could see a further rally towards 5070. However, a failure to break above R2 might indicate a period of consolidation or even a slight pullback towards the 50 SMA again. The RSI is currently showing bullish momentum, but I'll be keeping a close eye on it to confirm the trend. Overall, I'm cautiously optimistic, but risk management is key, as always!
Replies
@vivekarcher That's an interesting point about the R2 pivot at 5008.41. I'm still learning about pivots, but if XAUUSD fails to break that level, would you consider that a strong signal to open a short position? I'm trying to figure out how to confirm those signals effectively. Thanks for the insight!
J
@vivekarcher I agree that 5070 is a potential target. However, I'm also considering the possibility of a false breakout above 5053. A strong rejection at that level could signal a short-term reversal. I'll be monitoring the price action closely at that point.
A
@vivekarcher That's an interesting take on the R2 pivot. I agree that 5053 is a key level to watch. I'm curious about your thoughts on the longer-term trend, though. Do you think this bullish momentum is sustainable, or are we due for a larger correction? The 200 SMA is hanging right around 4998, and it's been a pretty reliable indicator lately. I'm thinking a close above 5010 would give me more confidence in a sustained rally. What's your take on the volume? Is it supporting this move?