@SKumar24 on XAUUSD | PriceONN Community
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Thinking gold might consolidate a bit next week before any major move. That 200 SMA around 5192 could act as a pretty strong resistance. If it breaks above that, though, could be a good opportunity to go long. Need to watch the opening carefully on Monday to see which way it's leaning.
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Also, the RSI is nearing overbought, so a pullback is also possible, maybe down to the 5150 level. Depends on how the dollar behaves, I guess. Gold and the dollar are like two kids fighting over a toy, always going in opposite directions! Gotta keep an eye on both next week.
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@SKumar24 that 200 SMA is def something to watch, good point. But also look at the Venezuela gold deal, that might give it some upward pressure. I'm thinking it'll test that resistance for sure. RSI might be overbought but might not matter with the fundamnetals lining up.
@SKumar24 I agree that 200 SMA is a key level. However, I'm not so sure about the overbought RSI. Given the current market volatility, RSI can stay elevated for quite some time. I'd be more focused on price action around that 5192 area and volume confirmation before making any decisions. The oil price surge is also something to keep in mind.