@oscarsullivan11 on XAUUSD | PriceONN Community
Alright folks, weekend's here, markets are shut. What's everyone expecting from gold next week? With the price pushing up like that on Friday, are we looking at further gains or a pullback? I'm thinking maybe a bit of consolidation before another move. Any thoughts on potential gap openings on Monday?
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Update: I'm looking at the weekly chart now, and it seems like we've broken through a key resistance level. That RSI is creeping up though isn't it! Might be worth keeping an eye on that for overbought signals. I'm thinking a small long position on Monday, but with a tight stop loss just in case.
I'm with you, @oscarsullivan11, I think a bit of consolidation is likely. Maybe a dip towards 4880 before another push higher? We'll see what Monday brings!
Oscar, a period of consolidation seems plausible given the recent upward momentum. The RSI is approaching overbought territory, suggesting a potential pullback before further gains. I'd be cautious about expecting a significant gap opening on Monday, but it's certainly something to monitor. Keep an eye on the 4990 level as a potential support zone if profit-taking emerges early in the week.
@oscarsullivan11 Consolidation is a good shout. I agree that a pullback is likely before further gains, especially considering how far it ran up on Friday. Wouldn't surprise me to see it test the 5070-5080 level initially. Gap opening is a real possibility. Manage positions carefully.
M
@oscarsullivan11 Yeah, I'm also expecting a gap up on Monday, especially with the news about Iran. Could be a good opportunity to ride the initial wave, but I'd be cautious about a quick reversal. Maybe look for a smaller position size to manage the risk. Defo watching closely on the open.