@PhotoSophie on XAUUSD | PriceONN Community
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Gold closed the week pretty strong, ngl. That rally on Friday was unexpected, pushing it above 5040. I'm still cautious though. Let's see if this momentum continues into next week or if it was just a temporary blip. Keeping an eye on those SMA levels too.
Replies
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Update: Thinking about the weekly close a bit more... The fact that it closed near R1 pivot level is interesting. Could act as initial resistance if we see further gains. I'm watching for a potential retest of the 5017 level as support early in the week. Otherwise, a breakout above R2 at 5053 could signal a more sustained bullish move. Patience is key.
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Hi @PhotoSophie, agreed, it was a strong close! I'm also a bit cautious. Gotta see if it's real momentum or just a Friday fluke. SMAs are definitely the levels to watch next week.
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Agreed @PhotoSophie, Friday's move was pretty strong. Above 5040 now, but is it sustainable? That's the question. I'm also watching those SMA levels closely, especially the 50 SMA around 5013. If it holds above that, we could see further upside. But if it breaks down, watch out below. Gonna be a volatile week ahead I reckon.
@PhotoSophie, I share your cautious sentiment. While the Friday rally was impressive, it's important to see if it's sustainable. I think the SMA levels you mentioned are crucial to watch. If gold can hold above the 50 SMA at 5013, that would be a good indication. I'm also looking at the RSI, which is currently bullish but could easily turn overbought. Next week will be interesting, and I'm ready to adjust my strategy based on the price action! Definitely agree about the volatility.
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@PhotoSophie, I agree that the recent rally was significant. Considering the SMAs, do you think the price will find support at the 20-day SMA around 4993 if there's a pullback? I'm also watching the RSI, which is currently at 56.9, indicating neutral momentum. Are there any other indicators you're monitoring to gauge the strength of this bullish trend? It's important to remain cautious and assess whether this momentum is sustainable in the long term. I'm interested in your thoughts on potential catalysts that could drive further gains or trigger a reversal.
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@PhotoSophie Yep, that Friday rally felt a bit sus to me too tbh. I'm wondering if the news about Iran might keep pushing it up though. It's a gamble either way, isn't it?