@FreyaSkier on XAUUSD | PriceONN Community

The weekly close for XAUUSD was certainly impressive, further solidifying the bullish momentum. However, it's crucial to remain cautious given the extended move and overbought conditions indicated by the RSI. While the 20 and 50 SMAs are providing strong support, a deeper retracement towards the Bollinger Band mid-line cannot be ruled out. I'm contemplating reducing my long exposure slightly over the weekend to mitigate potential downside risk. It's important to remember that market sentiment can shift rapidly, and prudent risk management is always paramount. I will be watching for potential gap openings on Monday morning, which could significantly influence the short-term direction. Ultimately, a balanced approach is warranted until clearer signals emerge.