@MichelleSkier on XAUUSD | PriceONN Community
M
XAUUSD really took off this week! Closing above 5100 is pretty significant. I'm curious to hear what everyone else is thinking for next week. Do you think this bullish momentum will continue, or are we due for a correction? I'm leaning towards a slight pullback before another push higher, but I'd love to hear other perspectives.
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M
Update: Looking at the weekly chart, the RSI is definitely in overbought territory. That said, it's been overbought before and the price kept climbing. Maybe some consolidation around the 5100 level before another move? I'm also keeping an eye on those SMA's, especially the 20 and 50. They seem to be providing pretty solid support. I'm thinking of scaling into a long position slowly if we see a dip.
@MichelleSkier I think you're right about a small pullback before another push. 5100 seems like a key level. I'm also thinking it might drop a little further, maybe down to 5080ish before bouncing back up. I'm still learning how to read the market properly so i could be wrong tho. I'm considering setting a buy order around that level, but I'm still hesitant. What do you think about that?