@HarperYoung24 on XAUUSD | PriceONN Community

Another thought: Given the weekend, I'm curious about the potential for a gap opening on Monday. With the price closing above the R2 pivot point, it will be interesting to see if it holds above that level.

Update: Further to my previous post, I've noticed the SMA 200 still sitting at 4997.94. It appears to be a strong support level. If XAUUSD retraces, I think that's where it will find some stability, potentially bouncing back up. The Bollinger Bands also show a relatively tight range, with the upper band at 5096.65. It may indicate that the recent volatility could subside. Still quite new to this, so I'm interested in hearing other opinions on these support and resistance levels. I'm thinking of placing a buy order near the SMA 200 if it drops.

Good evening @HarperYoung24. Your point about the RSI is spot on, it's definitely flashing a warning signal. The strong bullish trend is tempting, but overbought conditions can lead to sharp reversals. I'm also concerned about a potential pullback. I think market sentiment might keep it afloat for a bit, but a correction is likely sooner rather than later. I'll be watching for confirmation signals like a break below the 20 SMA before considering any short positions. Cautious optimism is the name of the game, I think.