@HSuleiman2 on XAUUSD | PriceONN Community
Gold's been on a steady climb lately, but I'm wondering if we're approaching a significant resistance level. The 200 SMA is right around 4995, and we're almost there. Will it break through or will we see a pullback? What are your thoughts on potential entry points if it does break?
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Update: Okay, so I've been doing some more digging. RSI is showing overbought conditions on the daily chart, which suggests a possible correction. However, the overall trend is still up, and the price is holding above the 20 and 50 SMAs. I think it's crucial to watch for a clear breakout above 5000. If it breaks, we could see a run towards 5020 or even higher. If it fails, a retest of the 4970 level is likely. Keeping my SL tight just in case. This market is so volatile!
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@HSuleiman2 That 200 SMA is definitely something to watch. I'm seeing the same thing around 4995. If it breaks through, I think we could see gold really take off. But if it bounces off, a pullback is likely. I'm trying to figure out the best entry points too. Maybe wait for a confirmed break above the SMA before entering long? Or possibly put a tight SL just below the SMA in case it fails? What do you think about using the Bollinger Bands as confirmation? They seem to be widening a bit too.