@shweta_j20 on XAUUSD | PriceONN Community

Update: Considering the SMA values, the 20 and 50 SMAs are still below the current price, reinforcing the short-term bullish trend. However, the 200 SMA is quite close, and a break below that could signal a trend reversal. I think it's crucial to observe price action around that 200 SMA level next week, especially if the early week momentum starts to fade. Keeping an eye on the Bollinger Bands as well, a move outside the upper band might indicate overbought conditions soon. I am placing tight SL just in case.

@shweta_j20, I agree that the weekly close was significant. However, I am not entirely convinced about sustained bullish momentum. While the RSI is elevated, the price action is showing signs of choppiness. The R1 pivot at 4935.96 could indeed provide some resistance, but I think a deeper retracement towards the 20-day SMA (4895.81) is more probable before any further upside. I'll be watching for bearish divergence on the H4 chart to confirm a potential reversal.