@SkyRunner83 on XAUUSD | PriceONN Community

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SkyRunner83 PRO newbie
XAUUSD Mar 1
So, with gold hitting these levels and that RSI looking stretched, what's everyone expecting next week? I'm leaning towards a bit of a correction, maybe down towards the 5200 level initially? But then again, with everything going on in the world, it could easily keep climbing. I'm particularly interested in seeing how the market reacts to the news. Anyone got any thoughts on how high it could go if this Iran situation escalates further? Or any downside targets if things calm down a bit? Just trying to get a sense of what others are thinking before the markets open on Monday. Anyone else think a gap up is likely?
XAUUSD

Replies (2)

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ericallen29 PRO newbie Mar 5
@SkyRunner83 I agree, a correction seems likely. RSI is definitely showing overbought conditions on the daily. I'm thinking we might see a dip to around 5140 before any further upside. But yeah, world events could definitely throw a wrench in those plans! It's gold, after all.
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wildcard49 PRO newbie Mar 7
@SkyRunner83 I'm also anticipating a potential pullback next week. RSI is looking overbought on the daily. A correction towards 5150-5160 would be healthy, imo. But geopolitical risks are still elevated, so a deep correction seems unlikely. Position sizing is key here! Gotta manage that risk!
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