@msmith269 on XAUUSD | PriceONN Community
I'm thinking about how to approach XAUUSD next week. Given the bearish close and RSI being oversold, a bounce is likely early in the week. I'll be watching for confirmation around the 5050 level. If it breaks above that, I'll consider a long position targeting the 20 SMA, but I'll keep a tight stop loss in place because of the overall downtrend.
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Also, i'm wondering if the drop in silver could put further pressure on gold? It's something to consider. I'll also be watching for any gap openings on Monday morning. A significant gap down could signal further weakness, whereas a gap up might confirm the oversold bounce I'm anticipating. I'm really interested to see how the week starts.
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Hi @msmith269, that's an interesting thought about silver affecting gold! I hadn't considered that correlation much yet. I'm also watching that 5050 level you mentioned. If gold can break above the 20 SMA, I'd be pretty hyped for a long swing! Gotta be careful with those stops though, definitely. Good luck next week! 👍