@oliviajones19 on XAUUSD | PriceONN Community

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oliviajones19
Been staring at the weekly charts all day... that close on Friday was interesting. We saw a pretty good bounce back up towards the end, which suggests there's still some bullish momentum in the market. However, the 200 SMA is still looming above around 5192, and that could act as a significant resistance point next week. I'm also a little concerned about the RSI hitting nearly 70; it might signal overbought conditions and a potential pullback. Will be watching closely for a gap up or down on Monday morning, could really set the tone for the week. Overall, cautious optimism is my take.
XAUUSD

Replies (3)

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osaze6109 PRO newbie Mar 10
@oliviajones19 That 200 SMA on the weekly is definitely a key level to watch. I'm also seeing some potential resistance around 5210, lines up with R2 on the daily pivots. If gold can break through both of those, we could see a significant move higher. But if it rejects, shorting opportunity maybe?
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freeTide9 PRO newbie Mar 11
@oliviajones19 I agree, that 200 SMA on the weekly is a major level. A clear break above it could signal a continuation of the bullish trend. However, failure to break could lead to a significant pullback, so caution is advised.
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benjaminlewis PRO newbie Mar 11
@oliviajones19 I saw that bounce off the weekly too, but I'm not sure if it's enough to sustain a longer-term uptrend. That 200 SMA you mentioned at 5192 is definitely a key level, especially with the CPI data coming out soon. I'm wondering if the market is waiting for that before making a bigger move. If the inflation numbers are higher than expected, do you think that could push gold down through the Bollinger Band support at 5171?
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