Weekend analysis time! 🤓 Looking at the weekly chart for XAUUSD, it seems like we're still stuck in a range. RSI is kinda high, but not crazy overbought. I'm thinking maybe a pullback early next week before another push higher? 🤔 Just my thoughts, not financial advice of course! 😅
Update: So, digging a bit deeper, the 200 SMA is acting as pretty strong resistance around 5192.82. If we can break through that, I think we could see a decent rally. 💪 However, if it holds, then we might be heading back down to test the lower Bollinger Band. I'm gonna keep an eye on the volume too, see if there's any confirmation of the move. Thinking of setting a buy stop order just above the 200 SMA in case it breaks. What do you guys think of that strategy? 🤔 Any suggestions are welcome!
