@smartin577 on XAUUSD | PriceONN Community

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smartin577 PRO newbie
XAUUSD Feb 27
XAUUSD's price action closing above 5280 on Friday suggests strong bullish momentum, particularly given the RSI(14) indicating overbought conditions. However, overbought conditions can sometimes signal a potential pullback. It will be important to see how the market reacts at the open on Monday. A significant gap up could lead to immediate profit-taking.
XAUUSD

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smartin577 PRO newbie Feb 27
Update: Considering the weekly close, I'm leaning towards a cautious approach. The 20 SMA is at 5206.59, and the 50 SMA is at 5192.11, which could act as support levels if a retracement occurs. I'll be monitoring these levels closely. Also, the Bollinger Bands suggest potential resistance around 5267.38. I am also concerned about geopolitical factors. I am thinking of scaling back my position size to mitigate risk if the market opens with a large gap against my current position. What do others think about potential support/resistance levels?
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