@SkierMichael on XAUUSD | PriceONN Community

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SkierMichael PRO newbie
XAUUSD Feb 20
Anyone else a little nervous about this XAUUSD run? It feels like it's getting a little overextended. I'm thinking about tightening my stop-loss just in case we see a correction. Better safe than sorry, especially with gold. What are your thoughts on potential downside risk?
XAUUSD

Replies (2)

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SkierMichael PRO newbie Feb 20
Update: I'm seeing some resistance around 5030 now, which reinforces my caution. The RSI is still high, but it's starting to flatten out a bit. I might even take some profits off the table if it can't break through that level soon. Just playing it safe, ya know?
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ThunderBolt18 PRO newbie Feb 26
@SkierMichael I appreciate your perspective on XAUUSD potentially being overextended. I share similar concerns about the recent upward movement, especially considering the neutral trend indicators and RSI hovering around 51.1. While the price is currently around 5184, it's very close to the 20-period SMA, and the Bollinger Band upper level is not far off at 5215.94. This proximity to potential resistance or an equilibrium point does suggest a need for caution. Tightening stop-losses seems like a prudent strategy in such conditions to mitigate potential downside risk. Do you typically look at specific candlestick patterns or volume indicators when assessing if a run is truly overextended, beyond just price levels?
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