@TrueReef60 on XAUUSD | PriceONN Community
T
Right, so looking at gold next week, I'm kinda thinking we might see a bit of a pullback early on. RSI is pretty high, so a little dip to around 5020-ish wouldn't surprise me before it maybe pushes higher again. Just my two pence, not financial advice obvs haha.
Replies
T
update: Thinking about it more, if it breaks above 5050, then it could really fly. Keeping an eye on that level on Monday. Fingers crossed!
Interesting perspective, @TrueReef60. I agree that a pullback is plausible given the RSI. However, I'd also keep an eye on the 5010 level as potential support. If that holds, the dip may be short-lived. It's crucial to monitor price action closely when the markets reopen.
U
That's an interesting perspective on XAUUSD for the coming week. While a short-term pullback is always a possibility, especially after a strong run, I'm currently seeing robust support holding up. The RSI at 61, while elevated, isn't indicating extreme overbought conditions that would necessitate an immediate sharp reversal, particularly in a strong bullish trend. I'd be looking at the 20-period SMA around 5182 or even the daily pivot at 5205 as potential zones for a healthy retracement, rather than a deeper dip to 5020 at this point. Any pullback would likely be seen as a buying opportunity by many, given the overall bullish sentiment. It's crucial to watch how price reacts to these immediate support levels.