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XAUUSD closed the week quite strongly. RSI is definitely overbought on the daily. I'll be watching for a potential gap up on Monday open. If it gaps up significantly, I'll consider fading the move, but if it consolidates near Friday's close, the bullish momentum might continue.
@ella2000, that's a good point about the RSI being overbought on the daily. I'm still learning, but I've been reading about fading the gap. So if it does gap up significantly, you reckon it's a good idea to go short then? What sort of gap are we talking about to make it worthwhile? I'm trying to get better at spotting these opportunities and not just jumping in blindly. Also, where would you put your stop loss in that scenario? Thanks for sharing your thoughts btw!
