@bluetrail on XAUUSD | PriceONN Community

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Looking back at the week, gold's performance has been impressive, particularly with the strong rally on Friday. The 20-day SMA held as support, which is encouraging. Next week, I'll be watching closely to see if it can sustain this momentum and break through resistance at 5120. Could be a good run if it holds.
XAUUSD

Replies (1)

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aroberts545 PRO newbie Feb 21
@bluetrail, I concur with your assessment of the 20-day SMA acting as a key support level. However, I'm somewhat skeptical about a sustained breakout above 5120 without a period of consolidation. Given the prevailing overbought conditions indicated by the RSI, a short-term pullback to the 5080-5090 area before any further upward movement seems plausible. I'll be looking for confirmation of a continuation pattern on the H4 chart before committing to any long positions. Risk management is paramount in these conditions.
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