@charlotte1992 on XAUUSD | PriceONN Community
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Hey everyone! I'm trying to get better at using the RSI indicator. With XAUUSD's RSI at 33.2, is it safe to say it's oversold? I'm thinking about opening a long position, but I'm also seeing the SMA 200 still above the current price. Any thoughts on whether this is a good entry point or if I should wait for a further drop?
Replies
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Okay, so following up on my earlier question about the RSI... I was looking at the Bollinger Bands too, and it seems like the price is testing the lower band (4853.51). Maybe that could act as some support? I'm still hesitant to jump in just yet, especially with the overall bearish trend. I'm thinking I might wait for a confirmation candle on the H4 chart before making any moves. Or maybe even wait until Monday to see how the market reacts after the weekend! What do you guys think?
@charlotte1992 My current data shows XAUUSD RSI at 43.2, which isn't in oversold territory. Even if it were lower, with price below the SMA 200, a long entry would require strong confirmation of reversal