@arjunverma99 on XAUUSD | PriceONN Community

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arjunverma99
Weekend analysis complete. XAUUSD closed near R1 (5038.81). I'm seeing a possible bullish continuation next week based on the weekly chart, but I'm also wary of a potential gap down. The RSI is relatively high, so a correction is possible. If it gaps down below 5017 (S1), I'll be looking at shorting opportunities. Otherwise, I'll wait for a clear breakout above R2 before considering a long position. Need to watch the news flow over the weekend too, that could change everything. Anyone else seeing similar patterns?
XAUUSD

Replies (1)

A
arunkumar51 PRO newbie Feb 16
Hello @arjunverma99, your analysis is quite insightful. I agree that the high RSI warrants caution, and a gap down is definitely a scenario to watch out for. I am also considering a short position if the price breaks below the S1 level, but I'm still hesitant given the recent bullish momentum. What are your thoughts on the potential impact of upcoming economic data releases?
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