XAUUSD closed the week strongly, but RSI is flashing overbought. I'll be watching closely for a potential gap up on Monday open. Any significant gap will likely be faded early in the session. I'm planning to look for shorting opportunities if we see a quick rejection of higher levels.
Update: My primary focus next week will be on the D1 chart. If we see a bearish engulfing pattern form after a gap up, that will further confirm my short bias. I'm also considering the potential for a deeper retracement towards the 50 SMA around 5008. However, I'll need to see some clear signs of weakness before committing to a larger position. The key is patience and waiting for the right setup. Also, keeping an eye on bond yields – they could be a major driver this coming week. Volatility is likely to remain elevated.
