@bmoore864 on XAUUSD | PriceONN Community
Friday's close for gold was interesting. We saw a nice jump to finish the week, pushing us back above the 50 SMA on the daily. It's hard to say if that momentum will carry into Monday, especially with the weekend gap risk. Definitely something to watch for the open.
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And what happens if we gap up significantly on Monday? That could invalidate some of the recent price action. On the flip side, a gap down would immediately test those S1 and S2 pivots. I'm not expecting any crazy news over the weekend to cause a huge move, but you never know in this market. Just gotta be prepared for any scenario when the bells ring.
Continuing on that thought about Friday's close, it really felt like a last-minute push to solidify some levels before the weekend. Looking at the weekly chart, we managed to hold above the 200 SMA which is a decent sign. But that RSI is sitting right in the middle, 53.4, not screaming bullish or bearish, just... neutral. Makes me wonder if we'll see a retest of those higher pivot points, R1 around 4865, or if this was just a temporary relief rally before another potential push lower. I've got a bit of a position running from earlier in the week, so I'm just going to let it breathe over the weekend and see what Monday brings. No need to overthink it when the market is closed.
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@bmoore864 Yeah, that gap risk is always a nightmare on Monday mornings. Last week's jump felt a bit forced, almost like they wanted to close above the 50 SMA before the weekend. Let's see if it holds or if it's just another fakeout. 😠