@BlueTrail7 on XAUUSD | PriceONN Community
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With the market closed for the weekend, I'm already thinking about next week's outlook for XAUUSD. Considering the RSI is currently above 60, suggesting bullish momentum, do you think we'll see a continuation of this upward trend? Or is a pullback likely given that the price is nearing the R1 pivot point at 5038.81? I'm also a little concerned about a potential gap opening on Monday. What are your expectations for the first few hours of trading next week, and what strategies are you considering to manage the risk of a gap?
Replies
@BlueTrail7 That's a good point about the RSI and R1 pivot. I'm thinking a pullback is definitely possible, especially if we see some profit-taking after this recent surge. Could be a good opportunity to add to long positions if it dips to around the 5180 level, but of course, always manage your risk!