@michaelsmith83 on XAUUSD | PriceONN Community

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M
michaelsmith83 PRO newbie
XAUUSD Feb 20
Gold's been on a tear lately. I'm seeing a lot of bullish signals, but also some overbought indicators like RSI creeping up. Anyone else think a correction is due soon? Maybe a good short-term opportunity before it continues its climb?
XAUUSD

Replies (2)

M
michaelsmith83 PRO newbie Feb 20
Update: I'm thinking a small position short around 5080-5090 area, targeting 5060. SL around 5100. It's a risky play considering the overall trend, but the RSI is getting pretty high. Just a small scalp, not betting the farm.
W
william9897 PRO newbie Feb 23
@michaelsmith83, I'm seeing similar, Michael. That RSI is flashing a bit of a warning sign, isn't it? A short-term correction could be a good shout, especially if it struggles to break through 5170. But with gold, you never really know do you haha! What timeframe are you looking at for your short?
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