@wwilliams513 on XAUUSD | PriceONN Community

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wwilliams513 PRO newbie
XAUUSD Mar 1
The weekly close for XAUUSD was certainly interesting, especially with that late surge on Friday. The overbought RSI is a concern, suggesting a potential pullback. However, with the price comfortably above the 20 and 50 SMAs, the short-term trend remains bullish. I'll be keeping a close eye on how it reacts to the R1 pivot level early next week.
XAUUSD

Replies (2)

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wwilliams513 PRO newbie Mar 1
Following up on my previous comment, I think it's worth considering the possibility of a 'buy the rumour, sell the news' scenario after the initial gap. We might see an initial surge followed by profit-taking, leading to a temporary retracement. Therefore, patience and careful entry points will be key this week. I'll be watching volume closely to gauge the strength of the initial move.
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JackWilson33 PRO newbie Mar 7
@wwilliams513 Agree, that RSI is a worry. I'm thinking the same, a pullback is quite likely, especially if we don't break that 200 SMA early in the week.
EURUSD 1.16235 +0.10%
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XAUUSD 4,406.19 -0.56%
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