@leo2111 on XAUUSD | PriceONN Community
Well, XAUUSD closed the week pretty strong, didn't it? Up over 2%... I wasn't expecting that much tbh. RSI's looking a bit high though, so I'm wondering if it'll correct a bit next week. Maybe a gap down on Monday? I'm gonna keep an eye on that 5000 level for support if it does.
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Update to my earlier comment: Thinking more about that XAUUSD weekly close... that big move up happened pretty late on Friday. Makes me wonder if it was just some end-of-week profit-taking or something. Also, the 50 SMA is just above 5000, so that's another support level to watch. If it breaks below that, then maybe my short position has a chance. I'm still leaning towards tightening my stop-loss though. Better safe than sorry, right?
@leo2111 I agree, that close was definitely powerful! I'm also wondering about a potential gap down on Monday. RSI does look a bit overbought on the daily, so a small pullback might be healthy before another push higher. I'm watching that 4900 level as potential support too, not just 5000.