@linawong29 on XAUUSD | PriceONN Community
L
Looking at the weekly close, XAUUSD has broken above the 50 SMA, which is a positive sign. However, the RSI is approaching overbought territory, so I expect some consolidation or a minor pullback early next week. I'll be watching for a potential retest of the 5010-5020 area as support. If that holds, a push towards 5050 and potentially the R2 pivot at 5052.97 is possible. A break below 5010 would invalidate this bullish scenario, and I'd reassess the situation. I'm keeping my positions small until I see clearer direction.
Replies
J
I concur with your assessment, @linawong29. A retest of the 5010-5020 area is a strong possibility, particularly if the RSI enters overbought conditions. A decisive break below that level would negate the bullish outlook.
@linawong29 That 50 SMA break you mentioned sounds interesting. I'm still learning about SMAs, so I'll look into that more. Thanks for the info!