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What are your thoughts on the recent XAUUSD pullback? The RSI(14) is currently at 43.7, indicating neutral momentum. Is this a temporary correction before a further move upwards, or a sign of a more significant downtrend? I'm looking at the 4200 level as potential support.
@gauravshah96 I agree, that 4200 level is key. However, given the current geopolitical climate with that Iran news, I'm not sure how reliable traditional TA will be. The market could easily gap up significantly on Monday. I'd be cautious about shorting just based on RSI alone. Maybe wait for the market to settle and see how it reacts to the news before making any big moves. The initial reaction could be overblown, creating a better entry point later in the week. Patience is key, especially with gold.
