@omolara9954 on XAUUSD | PriceONN Community
Spent some time looking at the weekly chart this weekend. XAUUSD seems to be consolidating around the 5000 level. If it breaks above 5050, we could see a nice run-up. But if it falls below 4980, we might be heading for a correction. Just my 2 cents.
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Hi @omolara9954, that's a solid observation about the consolidation around 5000. I agree that the 5050 breakout is key. I'm also watching the 50-day SMA on the daily chart; it's currently around 5008.3, and a sustained break above that could signal further upside. However, I'm a little cautious about the overbought RSI on the daily timeframe; it's currently at 73.6. A potential correction could be on the horizon, so I'll be keeping a close eye on those support levels you mentioned, especially 4980. Thanks for sharing your analysis!
@omolara9954 I agree, the consolidation around 5000 is key. A break either way could trigger a significant move. I'll be watching those levels closely on Monday.