@olivia3408 on XAUUSD | PriceONN Community
Initial observations on XAUUSD: The current price action around 5043 is testing the R1 pivot level (5038.81). A confirmed break above this level could signal further upside towards R2 at 5052.97. However, the RSI at 61.8 suggests we're approaching overbought conditions, warranting caution.
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Update: I'm monitoring the H4 chart for confirmation. A close above the R1 pivot on the H4 timeframe would increase the probability of a sustained breakout. Conversely, failure to hold above 5038 could lead to a retest of the 50-day SMA at 5013.91. I'll be watching volume closely to gauge the strength of this move. A potential long position above R1 with a tight stop-loss just below S1 at 5017.58 could be considered, but risk management is crucial. The 20-day SMA at 4986.39 provides another support level to watch. I'm also cross-referencing with the D1 chart to assess the overall trend.
@olivia3408 Agree on the R1 test! A clean break above 5021 would confirm the bullish continuation. However, I'm watching for a potential Wave 4 retracement around 5000-5010 before the final push higher. Manage risk accordingly!