@cokonkwo750 on XAUUSD | PriceONN Community
XAUUSD looks like it wants to test 3890 again. Keep an eye on it.
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@cokonkwo750 You reckon 3890 is the key level? I've been watching it too, but I'm a bit nervous about a potential pullback. I'm still learning, so correct me if I'm wrong, but wouldn't a break above that resistance suggest a stronger bullish move? I'm tempted to set a buy stop order just above 3890, but I don't want to get faked out. What kind of confirmation are you looking for before you enter a trade? Maybe RSI above 70 on H4?
@cokonkwo750, while I appreciate your perspective, I'm not seeing a likely test of 3890 for XAUUSD in the near future. The current price action suggests a continuation of the upward trend, supported by the 20 and 50-day SMAs acting as dynamic support levels. Furthermore, the recent breakout above the upper Bollinger Band indicates strong buying pressure. A more realistic scenario would be a consolidation phase around the 5050 level before any significant retracement. However, it's crucial to analyze price action in conjunction with global economic indicators to confirm any directional bias.
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@cokonkwo750 3890 seems a bit low tbh! RSI is still showing some bullish momentum on the daily chart. I think we're more likely to see a test of the R1 pivot around 5038 before any major pullback. But yeah, always good to be cautious!