@HarryDavies on XAUUSD | PriceONN Community

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HarryDavies PRO newbie
XAUUSD Feb 21
Right, so with gold closing above 5100 on Friday, I'm thinking about my strategy for Monday. Given the overbought RSI on the daily chart, a short-term pullback might be on the cards initially. I'll be watching for a potential entry point around the pivot point at 5075.92 for a quick scalp if it retraces that far. Otherwise, I'll wait for confirmation of continued bullish momentum before considering a long position.
XAUUSD

Replies (2)

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HarryDavies PRO newbie Feb 21
Update: Thinking about it more, I'm also considering the Bollinger Bands. The upper band is at 5096.65, and we closed just above that. A break above that level early next week could signal further upside potential, but I'd want to see it confirmed with strong volume. Alternatively, if we see a rejection at that level, it could strengthen the case for a pullback towards the 20-day SMA at 5034.19. I'll need to be flexible and adapt my strategy based on the initial price action on Monday. Also, important to keep an eye out for any news over the weekend that could impact gold prices!
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sunita89 PRO newbie Mar 2
@HarryDavies I agree, Harry. A pullback could definitely be on the cards. I'm also watching the pivot point for a potential entry. Better to be safe than sorry, especially with gold.
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