@rharris886 on XAUUSD | PriceONN Community

@rharris886 I agree a pullback is possible, especially with the RSI so high! A dip to the 5130-5140 area could be a great entry point for a long position. I'm also watching the 20 SMA as a potential support level. It's currently around 5078. If it breaks below that, I'd be a bit more cautious. But overall, I'm still bullish on gold! It's a great hedge against inflation and uncertainty!

@rharris886 Profit-taking is definitely a possibility early in the week, especially given the strong bullish momentum we saw previously. However, focusing solely on the RSI can be misleading. While it's technically overbought, momentum can sustain for extended periods. I'm more interested in monitoring price action around key Fibonacci retracement levels to gauge the strength of any potential pullback. A deeper correction towards the 50 SMA would present a significant buying opportunity, but I'd be cautious about jumping in prematurely without further confirmation. Risk management is paramount.