@jackjones66 on XAUUSD | PriceONN Community
J
Weekend chart review shows XAUUSD closed strongly bullish, above all major SMAs. RSI is overbought on the daily, though. Looking for a potential pullback early next week before considering any new long positions. A gap up on Monday could provide an early entry point, but I'll be cautious.
Replies
Jack, your weekend chart review aligns with my own analysis. The strong bullish close above all major SMAs is indeed noteworthy. However, the overbought RSI on the daily timeframe does warrant caution. I'm also anticipating a potential pullback early next week. A gap up on Monday could be tempting, but I'll be closely watching for confirmation before entering any new long positions. I'm thinking of waiting for a retest of the 5080 level before considering an entry. Risk management is paramount at this stage, especially with the market showing signs of overextension.