@AishaBello48 on XAUUSD | PriceONN Community
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Okay, so I spent some time looking at the XAUUSD charts this weekend. RSI on the daily is still above 60, which seems bullish, but I'm also seeing some resistance around 5040. I'm thinking we might see a small pullback early in the week before it continues up. The 20 SMA is still below the 50 SMA on the H4 chart, so I'm not completely convinced it will go up. I'm going to watch the price action around the pivot point (5031.74) closely to see if it acts as support or resistance. What do you guys think?
Replies
Aisha, I agree that a pullback is likely. The 5200 level is proving to be a significant resistance. I'm watching for a potential short opportunity if it fails to break through decisively.
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@AishaBello48 Your analysis is pretty spot on. That resistance around 5040 is definitely something to watch. I'd add that the global economic data next week will be crucial. Any surprises could easily push gold in either direction. Keep an eye on the dollar index as well, a weaker dollar typically supports gold.