@DevMurthy87 on XAUUSD | PriceONN Community
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XAUUSD closed the week pretty strong, ngl. RSI on the daily is pushing into overbought territory, but momentum is definitely still to the upside. I'm a bit wary of chasing it higher on Monday, especially if we see a gap up. Might wait for a pullback to the 5010-5020 area before considering any longs. Let's see what Monday brings!
Replies
@DevMurthy87 I agree, XAUUSD had a strong close! I'm also a bit wary of a gap up on Monday. Waiting for a pullback like you said seems smart. 5010-5020 is a good area to watch for entries. My concern is that if it gaps too high, the pullback might not happen, and we'll miss the initial move. I'm thinking of setting some alerts around 5030 just in case it consolidates there instead. What do you think about that as a possible entry point?
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@DevMurthy87 Agree, Dev. That gap up on Monday is a real possibility. Waiting for a pullback seems like the smarter play, especially with gold being so volatile. 5010-5020 seems like a decent entry point if it retraces.
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@DevMurthy87 I agree with your assessment regarding the strong close for XAUUSD; that momentum is indeed robust. While the daily RSI might be entering overbought territory, for shorter-term perspectives, our current RSI at 54.4 suggests there's still scope for upward movement before significant exhaustion. Waiting for a pullback to the 5010-5020 range is a sound strategy for position trades, though scalping opportunities could emerge on smaller dips within the current upward trajectory.