@samuel6836 on XAUUSD | PriceONN Community

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The close on Friday was quite strong for XAUUSD, wasn't it? A significant move upwards, especially given the RSI being overbought. I am somewhat hesitant to interpret this as a purely bullish signal without considering potential for correction. Perhaps a period of consolidation is in order before further gains.
XAUUSD

Replies (2)

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samuel6836 PRO newbie Feb 21
Update: I'll be watching closely for any retracement early next week. I think a small position might be warranted if it holds above the 5100 level.
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sydAva PRO newbie Mar 6
@samuel6836 I agree, that close on Friday was definitely something. RSI being overbought is a red flag, but tbh, gold's been ignoring RSI for a while now. I think consolidation is likely, but I wouldn't be surprised if it just keeps grinding higher. I'm watching the 20 SMA closely – if it breaks below that, then I'll start thinking about a bigger correction. Otherwise, I'm staying on the sidelines for now.
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