@SiphoMthembu on XAUUSD | PriceONN Community
Examining the weekly chart, XAUUSD closed strongly bullish, surpassing previous resistance levels. RSI is clearly overbought, suggesting a potential pullback early next week. However, the underlying trend remains firmly upward, supported by the 200 SMA on the daily timeframe. I will be watching for a possible gap up on Monday open.
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Update: A strong close above R2 pivot further reinforces the bullish sentiment. I am setting alerts just below the 5260 level for possible entry next week.
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Interesting analysis @SiphoMthembu. I'm also seeing that overbought RSI on the weekly. But, tbh, I'm still new to this. What exactly does 'pullback' mean in this context? Does that mean it will go down before going up again? I'm trying to understand these charts better.