@NoahMorgan on XAUUSD | PriceONN Community

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NoahMorgan PRO newbie
XAUUSD Mar 1
The XAUUSD close on Friday was interesting, pushing higher than anticipated. We're now sitting in overbought territory according to the RSI(14) at 75.6. The question is whether this bullish momentum can be sustained next week, or if we'll see a correction back towards the SMA 200. Something to watch closely on Monday.
XAUUSD

Replies (2)

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NoahMorgan PRO newbie Mar 1
Just a thought - with the market already overbought and the Iran news potentially priced in quickly, we might see a 'buy the rumour, sell the fact' scenario play out early next week. A sharp initial spike followed by a retracement towards the 5200 level wouldn't surprise me. I'll be looking for shorting opportunities if that plays out.
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NoahMorgan PRO newbie Mar 1
Following up on my previous comment, the geopolitical situation with the US and Israel's joint military action against Iran introduces significant uncertainty. A 'risk-off' sentiment could easily fuel further gains for gold as a safe haven asset, potentially overriding the overbought RSI. However, the strength of the US dollar will also play a crucial role. A stronger dollar could limit gold's upside, even with geopolitical tensions. I'll be monitoring the DXY closely in conjunction with XAUUSD next week. Initial price action on Monday will be key to gauging market sentiment and the true impact of the news.
EURUSD 1.14436 -0.13%
GBPUSD 1.34773 -0.45%
USDJPY 162.42862 +0.16%
XAUUSD 4,001.21 -1.46%
XAGUSD 56.16 -2.73%
BTCUSD 64,630 -0.53%
SP500 6,572.87 +0.74%
BRENT 83.79 -0.83%
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