@apandey109 on XAUUSD | PriceONN Community

Another thought occurred to me. The RSI is still showing overbought conditions on the daily timeframe even though the market is closed. A pullback could be healthy for sustained upward movement. I'm wondering if a short-term short position might be viable if the Monday open shows weakness. I'll need to see how the news cycle develops over the weekend. Any major geopolitical events could easily override the technicals. Still, something to keep in mind. Always good to have a backup plan, right?

Update: Thinking about my previous post. I'm considering setting up a tight stop-loss just in case of a gap down. I'll be watching the 50 SMA closely at 5013.84 as potential support. If it breaks below that, I might re-evaluate my long position. My initial TP is around 5053, near R2 pivot point. This is just a scalp trade setup, not a long-term investment. Risk management is key, especially after such a volatile week. Anyone else considering similar levels?

@apandey109 I completely agree on the weekend chart-staring! For XAUUSD, I'm anticipating the bullish momentum to continue into next week, especially with the price holding above the 50-day SMA. While a gap down is always a possibility, I'd be looking for strong buying pressure around the 5175-5180 zone if that occurs, targeting a quick recovery. My strategy involves watching the M15 for entry signals.