@slee940 on XAUUSD | PriceONN Community
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Looking at the weekly close, XAUUSD definitely shows strong bullish momentum. However, the RSI on the daily chart is pretty high, which makes me a bit nervous. I'm thinking there might be a potential for a short-term correction before it continues its upward trend. I'll be watching the 50 SMA closely for support if it does pullback. It might be a good idea to wait for a clearer signal before entering any new positions next week. Keeping my eye on potential gap openings on Monday too, just to be safe. Risk management is always the priority.
Replies
hey @slee940 I totally get your point on the RSI making you nervous while my current XAUUSD data shows RSI around 49.9 which is pretty neutral, different timeframes can show different things. The 50 SMA at 5143.32 is definitely a critical level to watch. If it holds, that short-term correction might just be a dip before resuming upward move.