Gold closed pretty strong on Friday, didn't it? Up over 2%... Feels like it might be a bit overextended though. RSI is definitely screaming overbought. I'm thinking we might see a bit of a pullback early next week before it decides what it wants to do. Worth keeping an eye on.
@sophietaylor71 I agree with your assessment that gold looked overextended on Friday. The strong close was definitely notable, but the RSI was flashing warning signs. I'm also anticipating a pullback early this week. However, I think the depth of the pullback will depend heavily on the upcoming economic data releases. If we see stronger-than-expected data, it could trigger a more significant correction towards the 50 SMA. I'm also watching the pivot points; a break below S1 at 5077.66 could open the door for further downside. Overall, cautious optimism seems warranted, but be prepared for potential volatility.
