Gold's been on a tear lately, eh? RSI is screaming 'overbought' but momentum is strong. Thinking a small pullback to the 5010-5015 area might be a decent entry for a quick scalp long. Set a tight SL though, just in case the bears wake up.
Hi @daniel1987, your suggestion of a quick scalp long around 5010-5015 is interesting, but I am a bit concerned about the overall risk. While momentum is undeniably strong, the RSI is flashing a major warning signal. A pullback to that level might be sharper than anticipated, potentially triggering stop-losses. I'd personally prefer to see a more substantial correction before considering a long entry. Perhaps waiting for a retest of the 50 SMA around 5024 would offer a safer entry point. I think the D1 chart is showing bearish divergence too, so be careful!
