@ecox101 - XAUUSD | PriceONN Topluluk
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Did a bit of weekend analysis on XAUUSD... the weekly close was interesting, hovering around that 5040 mark. Seeing a potential for a breakout above R2 next week if momentum continues. RSI is still looking good, but need to watch for overbought conditions early in the week. Any thoughts on potential gap openings?
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Update: Thinking about my XAUUSD plan a bit more... If we DO see a gap up on Monday, I'm leaning towards waiting for a slight pullback before entering long. Don't wanna get caught in a bull trap. SL placement is key here, probably just below the 50 SMA on the H4 chart. Also keeping an eye on news releases early in the week – could be a catalyst for some serious volatility. Anyone else planning their entries this weekend? Might adjust based on pre-market action, of course.
Interesting analysis @ecox101! That weekly close is definitely something to watch. I agree, a breakout above R2 is possible, especially if we see some positive news or increased risk aversion. However, I'm a bit cautious about overbought conditions. Maybe a small pullback before the next leg up? I'm also looking at the 200 SMA around 4993.14 as a key level. If we can break and hold above that, it would confirm the bullish trend. What indicators are you using besides RSI?
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@ecox101 Your weekend analysis is insightful. I also noted the weekly close around 5040. If momentum continues, a breakout above R2 at 5089.21 seems plausible. However, considering the current price action, I'm wondering if we might see a test of the pivot point at 5067.69 before any further upward movement. I'll be watching closely for confirmation of a continuation pattern early in the week.
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@ecox101 Hey Ethan! 👋 Solid weekend analysis there. That 5040 close was indeed a good base, but we've pushed quite a bit higher since then, currently hovering near 5168. I totally agree that a break above R2 (around 5182) would be super significant for continued momentum! 🚀 However, my current RSI on D1 is sitting at 49.4, which is pretty neutral, not really 'looking good' or near overbought yet. Perhaps you're looking at a higher timeframe like W1? 🤔 For my scalps, I'd be looking for strong volume if we test R2 again. If it rejects, a quick short down to the pivot at 5168 or even S1 at 5161 could be on the cards. High volatility today too (-1.12%), so gotta be careful! 📉📈