@jackmitchell28 on XAUUSD | PriceONN Community
J
Right, so gold's had a decent run this week, closing above 5000. Next week, I'm expecting a bit of a pullback initially. Maybe down to the 50 SMA around 5013 before another push higher? Just a hunch, based on the weekly chart. Fingers crossed for some clear direction!
Replies
L
@jackmitchell28 I saw your comment about a potential pullback next week. I agree that it could happen. The RSI on the daily chart is a bit overbought, but the 20 SMA is still below the price. I'm also keeping an eye on the Bollinger Bands; it's right at the upper band, so maybe a slight correction is due. I think your 5013 target for the SMA is realistic. I'm still learning, so correct me if I'm wrong, but that seems like a good support level. I might wait for that dip before adding to my position. Thanks for sharing your thoughts!
B
Hi @jackmitchell28, that's an interesting observation about a potential pullback to the 50 SMA. I'm also looking at the charts and trying to see if there's a clear signal. I'm a bit unsure if the momentum is strong enough to sustain the upward move though. Do you usually wait for confirmation before entering a trade based on your hunches?
Hey @jackmitchell28, that's a good call about the pullback! I'm kinda seeing that too. A dip to the 50 SMA would be a great buying opportunity imo. Fingers crossed we both nail this one!