@dhall441 on XAUUSD | PriceONN Community
Gold's showing some real strength, but I'm keeping an eye on that 200-day SMA around 5193. That's going to be a key level to watch early next week. If it breaks through there, we could see a significant push higher. Otherwise, expect a pullback towards the 50-day SMA.
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Update: Looking at the daily chart, the RSI is definitely getting into overbought territory, but momentum is still strong. I'm thinking a small correction might be healthy before any further sustained upward move. I'll be watching price action closely around that SMA 200, and I'll consider trimming some profits if it fails to break convincingly. Remember that unexpected news can throw all technicals out the window though, so manage your risk accordingly. Thinking of deploying covered calls if it consolidates a bit. Anyone else play options on XAUUSD?