@osmith35 on XAUUSD | PriceONN Community
XAUUSD closed strongly this week, pushing into overbought territory on the daily. The move seems heavily influenced by the geopolitical news. I'm a bit hesitant to open any new positions before seeing how the market reacts to the news over the weekend. Could be a volatile open on Monday. 🤔
Replies
Update: I'm considering a short-term contrarian play if we see a significant gap up on Monday. The RSI is screaming overbought, and profit-taking could be swift. However, the safe-haven demand driven by the Iran situation could easily override any technical signals. I'll be watching the volume and price action closely in the first hour. If the initial surge is met with strong selling pressure, I might consider a small short position with a tight stop-loss. Otherwise, I'll stay on the sidelines and wait for a clearer picture to emerge. Risk management is key here, folks! 🔑