@jAnderson98 on XAUUSD | PriceONN Community
The Friday close for XAUUSD was a bit of a mixed bag. Seeing it finish below the 50-day SMA around 4710 suggests some lingering weakness, but holding above the 20-day SMA near 4700 means it's not a complete breakdown yet. I'll be watching for any gaps on Monday morning.
Replies
Hi @jAnderson98, thanks for the weekly close breakdown. I'm still learning all the technical stuff, so hearing about the SMAs is helpful. I'm a bit confused though, if it finished below the 50-day SMA, does that mean it's definitely going down next week? I bought gold on Friday and I'm kind of freaking out a little. Is there a big chance of a gap down on Monday?