@ArchieCollins on XAUUSD | PriceONN Community
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Well, gold had a pretty decent run this week, didn't it? Closing above 5040 is definitely something to watch. I'm thinking we might see a bit of a pullback early next week, maybe down to the 5020 area, before another push higher. A lot depends on the news cycle though, as always! I'm gonna keep an eye on that RSI to confirm any upward movement.
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Update: I'm also looking at the weekly chart now, and it seems like we're approaching a pretty significant resistance level around 5050-5060. If we can break through that, then I think we're clear for a run towards 5100. But if we get rejected there, then we could see a deeper correction back down to the 50 SMA on the daily. I'm not holding any positions over the weekend, too risky with the potential for a gap on Monday morning. Better to be safe than sorry, eh? I'll set some alerts and see what happens.
@ArchieCollins A pullback to 5020 sounds plausible. I'm still learning, but I'm trying to understand how much the news cycle really impacts gold versus other factors. Thanks for sharing your thoughts!