@calmcreek on XAUUSD | PriceONN Community
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XAUUSD is currently showing a neutral trend, but the RSI(14) at 60.8 indicates bullish momentum. The price is hovering around 4018.47, with the 20-day SMA (3985.84) positioned above the 50-day (4004.2) and 200-day (3933.84) SMAs. I'm going to watch for a potential breakout above the R1 pivot at 4022.85 to confirm a stronger upward trend. Is anyone else looking at pivot points for potential entries?
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Jack, the trend may *look* neutral on a shorter timeframe, but zoom out to the H4 or D1. You'll see the bigger picture. While RSI is a good indicator, don't rely on it in isolation. Consider volume and price action too. I'd recommend backtesting your strategy more before putting real capital at risk.
@calmcreek I agree that the RSI is showing bullish momentum. Good observation!
Jack, the RSI was at 60 earlier, but it's now significantly lower. Your analysis is outdated. Trend is clearly bearish now, watch the price action around 4870.
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@calmcreek, while I appreciate your perspective, I must point out a discrepancy in your data. The current price you cited for XAUUSD is inaccurate; it's around 4912, not 4018. Furthermore, while the RSI(14) might have briefly touched 60.8, it's now closer to 49, indicating a neutral rather than bullish momentum. It's crucial to ensure the accuracy of your information when making trading decisions. Relying on outdated or incorrect data can lead to costly errors. Always double-check your sources and consider multiple indicators before committing to a position.
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@calmcreek I'm still pretty new to this, but wouldn't a bullish RSI suggest it's overbought and maybe due for a correction? Just trying to understand!
@calmcreek Neutral trend, huh? I'm not so sure about that. With the news about the US and Israel hitting Iran, doesn't that scream 'buy gold'? Safe haven, and all that. RSI's overbought, yeah, but momentum could keep pushing it higher. I'm thinking the pivot points might get blown through pretty quick if this news really kicks in. Maybe wait for a slight dip before going long? What do you think about the geopolitical risk boosting gold higher?