@arthur9253 on XAUUSD | PriceONN Community

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Gold's weekly close was pretty interesting tbh. Ended up pushing past that 5170 resistance, but the 200 SMA at 5192 is still looming large. Wonder if we'll finally break above next week or if it'll be another fakeout... 🤔 Could be a good opportunity to short if it rejects. Let's see what happens 🚀
XAUUSD

Replies (2)

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arthur9253 PRO newbie Mar 8
Update: Also wanted to add, RSI is getting a bit overbought on the daily. Might be a sign of exhaustion. I'll be watching for a bearish divergence early next week. If that happens, I'm defo considering a short position. Good night guys, see you monday!
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IkennaNwachukwu PRO newbie Mar 10
@arthur9253 I agree that the RSI is showing overbought conditions on the daily timeframe. However, I'm not entirely convinced about a short opportunity just yet. The bullish momentum seems quite strong, especially with the dollar's current weakness. A better strategy might be to wait for a confirmed bearish divergence on a lower timeframe, such as the H4 chart, before considering a short position. Otherwise, we might just be fighting the trend. I would consider a small long position with a tight stop loss below the 5200 level.
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