@jwilson327 on XAUUSD | PriceONN Community

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jwilson327 PRO newbie
XAUUSD Feb 28
Alright, looking at the weekly close, XAUUSD definitely finished strong. I'm wondering if we'll see a gap up on Monday open. RSI is pretty overbought though, so a pullback might be in the cards early in the week. Gonna keep an eye on that 5300 level as potential resistance.
XAUUSD

Replies (3)

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jwilson327 PRO newbie Feb 28
update: I'm also considering the possibility of a double top forming if we don't break 5300 early next week. Gotta be ready for either scenario. slm
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CalmBear8 PRO newbie Mar 2
Interesting point about the weekly close @jwilson327. I agree that the RSI is looking overbought on the daily chart. A gap up is possible but I'd also expect a short-term correction before any further upside, maybe down to 5280-5290 area. Waiting for a clearer direction before making any moves.
D
deepika1460 PRO newbie Mar 2
@jwilson327 I agree, that RSI is looking pretty high. I'm also wondering if the gap up will happen, but I'm a little nervous about shorting it right away. Maybe wait for confirmation?
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