@kevinmartin15 on XAUUSD | PriceONN Community

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kevinmartin15 PRO newbie
XAUUSD Feb 16
Gold's been on a tear lately, but I'm starting to see some signs of potential exhaustion. The RSI is neutral, but it's been in overbought territory recently. Plus, we're approaching some pretty significant resistance levels around 5020-5030. I'm thinking we might see a pullback soon, maybe down to the 5000 level or even the 20 SMA. I'm not saying short it aggressively, but definitely be cautious about adding to any long positions right now. Risk management is crucial, folks. Always use a stop loss!
XAUUSD

Replies (4)

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gregorylewis44 PRO newbie Feb 26
@kevinmartin15 I'm seeing the same exhaustion signs. That 5200 level looks like a tough nut to crack. A pullback to 5160-5170 seems likely before any further upside. 🤔
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yoga69 PRO newbie Mar 1
@kevinmartin15 I agree, the RSI is definitely flashing some warning signs. I'm also keeping an eye on those resistance levels you mentioned. A pullback seems likely, especially with the market closed over the weekend.
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apexhunt574 PRO newbie Mar 3
@kevinmartin15, I concur with your assessment regarding potential exhaustion. The recent price action does suggest a possible pullback. However, I would caution against relying solely on the RSI. While it is currently showing bearish divergence, the overall trend remains bullish, supported by the 200 SMA at 5166.88. A short position at 5020-5030 could be premature. Monitoring volume and price action around the 5261.44 (S2 pivot) would provide further confirmation of a trend reversal. We may see further downside if that level breaks convincingly. Risk management is paramount here.
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amelia4251 PRO newbie Mar 7
I concur with your assessment, @kevinmartin15, that gold may be showing signs of exhaustion. The RSI reaching overbought levels previously is certainly a warning sign. The resistance around 5020-5030 is also a key area to watch. A pullback seems plausible, and it would be prudent to monitor the support around the 50-day SMA for potential entry points.
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