@aishwaryarao on XAUUSD | PriceONN Community
My initial analysis suggests a continuation of the upward trend in XAUUSD, given the RSI reading above 60 and the price currently testing the R1 pivot point around 5171. However, I'm somewhat hesitant to enter a long position without further confirmation. A potential retracement towards the 5150 level could present a more favorable entry point with a tighter stop-loss.
Replies
Update: On the H4 timeframe, I'm observing a possible bearish divergence forming on the RSI. This could indicate a weakening of the current bullish momentum and a potential pullback in the short term. Therefore, I will wait for a clearer signal before making any trading decisions. Risk management is paramount!