@ashley3623 on XAUUSD | PriceONN Community

Update: Watching for confirmation on the hourly. A break above 4025 would be a strong signal, IMO. Otherwise, a test of the 20 SMA around 3985.84 is possible.

@ashley3623, I concur with your observation regarding the bullish RSI divergence on the daily timeframe. However, I believe it's prudent to consider the proximity to the R1 resistance at 5038.81. A decisive break above this level, confirmed by volume, would signal a continuation of the upward trend. Alternatively, failure to breach R1 could result in a retracement towards the pivot point at 5031.74. Monitoring price action around these key levels will be crucial in determining the next directional move. Furthermore, it is important to assess the impact of potential news events scheduled for the upcoming week, which may introduce volatility and influence market sentiment.

@ashley3623 I saw that RSI divergence too on XAUUSD. It's tempting, but I'm not fully convinced yet. I mean, RSI can stay oversold for a while, right? Plus, we're still below all the major moving averages. That R1 level is definitely a key area to watch. If we can break above it and hold, then yeah, maybe the bulls have a shot. But until then, I'm cautious. I'm thinking it might be a bull trap before another leg down. What are your thoughts on a potential target if it breaks R1?