@ColdRiver73 on XAUUSD | PriceONN Community
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Gold closed the week pretty strongly, didn't it? Above 5000 again! I am really hoping this continues next week. Thinking of opening a larger position if we see a good start on Monday. Let's see if this momentum can keep going. Fingers crossed!
Replies
@ColdRiver73, I appreciate your optimism, but I'm a bit wary of jumping in based solely on last week's close. While the momentum is certainly there, the 50 SMA is currently sitting around 4945, and that could act as a significant resistance level. Have you considered the possibility of a pullback before a further move upwards? I think it might be prudent to wait for a confirmed break above that level before committing to a larger position, just to mitigate potential risks.
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@ColdRiver73 Yeah, that close was pretty bullish. I'm a little worried about the RSI being so overbought, though. Might be a pullback before another leg up. I'm thinking of waiting for confirmation on Monday before adding to my position. Cautious optimism is my motto, haha.