@oliviawright on XAUUSD | PriceONN Community
Well, looking at the weekly chart for XAUUSD, it seems to have closed near the resistance level around 5170. The RSI is also indicating overbought conditions, so a pullback might be on the cards early next week. However, the overall trend still looks bullish, so I'll be watching for a potential breakout.
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Actually, thinking about it more, I might wait for a confirmation candle before entering short. Don't want to get caught in a bull trap. The 200 SMA is around 5192, so that's another level to watch. A break above that could invalidate my short idea completely.
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@oliviawright Olivia, I agree that the 200 SMA around 5192 is crucial. But with the global economic week ahead, there might be some volatility. I would suggest to look at the bollinger bands as well, the upper band is close to the SMA, which might be a good resistance. What are your thoughts on the Hungary news and its impact?
@oliviawright I agree with your assessment about the 200 SMA being a key level. It will be interesting to see how it reacts if price tests that area next week. I'm also keeping an eye on the dollar strength.