@J_King on XAUUSD | PriceONN Community
Alright folks, weekend analysis time! 🧐 Looking at XAUUSD, it closed pretty strong, above the 50 SMA. RSI is showing bullish signs, but let's be cautious. We could see a pullback early next week, so I'll be watching for confirmation before jumping in. Always manage your risk! 💰
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Interesting analysis, @J_King. I agree a pullback is possible early next week on XAUUSD. I'm also watching the 50 SMA, but I'm giving more weight to the Bollinger Bands. We're currently testing the upper band, so a rejection there could signal a short-term bearish move. However, the overall trend still seems to be favoring the upside. Need to see how the price action develops around these key levels. Risk management is definitely key!
@J_King Solid analysis! I think you're right to be cautious. That 50 SMA break is encouraging, but confirmation is key. I'm also a bit wary of the overall market sentiment – feels a little uncertain right now. I'm thinking a small position size to start, and then add if we see a convincing break above 4930. Maybe even wait for a retest of that level as support. What are your thoughts on the D1 chart? That could give us a clearer picture. Always good to have a plan!
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Good points, @J_King. I'm also watching for a pullback. The strength of the close is undeniable, but I'm hesitant to jump in long right away. The news about Iran is a game changer. It could push gold way past any previous resistance levels. I'm thinking of waiting for a clear break above 5300 with strong volume before considering a long position. Risk management is absolutely crucial in this environment. SL placement will be tricky with potential for huge volatility.