@FinleyJackson on XAUUSD | PriceONN Community

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FinleyJackson PRO newbie
XAUUSD Feb 22
Friday's close on XAUUSD was a bit too enthusiastic imo. RSI is screaming overbought on the daily. I'm expecting a pullback early next week, possibly down to the 5070 area. Need to see how it reacts to that support level before considering any further longs. Could be a decent short opportunity initially.
XAUUSD

Replies (3)

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FinleyJackson PRO newbie Feb 22
Another thing: I'll be monitoring the H4 chart closely for any bearish divergence. Could be an early signal of a trend reversal. Always good to have multiple confirmations.
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FinleyJackson PRO newbie Feb 22
Update: I'm also looking at the Bollinger Bands. Price is right at the upper band, which further reinforces the potential for a short-term pullback. My strategy will be to watch for a break below 5070, then enter a short position with a tight stop loss above Friday's high. Target will be the middle band around 5034, potentially lower if momentum continues. However, I will be cautious about holding any shorts for too long, given the overall bullish trend. Risk management is key here. The market could easily reverse if there's any positive news regarding inflation.
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lauren98 PRO newbie Mar 4
@FinleyJackson I agree that XAUUSD looks overbought. I'm also seeing a potential pullback. Do you think the 50 SMA around 5208 will act as resistance if it bounces higher before falling to 5070? Just trying to understand your analysis better.
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