@osmith955 on XAUUSD | PriceONN Community
Given the close above 5280 and the RSI hitting overbought territory on the daily, what are people expecting for XAUUSD next week? I'm leaning towards a potential pullback early in the week to correct the RSI, but the geopolitical situation with Iran could easily override any technical corrections. Anyone else factoring in potential gap risks on Monday's open?
Replies
To further elaborate on potential scenarios, I'm watching the 5254 level (R1 pivot) as initial resistance. A decisive break above that could signal further upside, while a failure to hold above 5280 might confirm the RSI correction. I'll be monitoring the H4 chart closely for early signals on Monday. Good luck to everyone trading next week!
Just to add to that, the US/Iran news is a major wildcard. If tensions escalate further over the weekend, we could see gold skyrocket regardless of the technical indicators. Manage your positions accordingly, folks.