@adaugo1988 on XAUUSD | PriceONN Community
XAUUSD still looking quite bearish to me, especially with the price below both 20 and 50 SMA. 📉 I'm thinking of waiting for a retest of the 5150 area, maybe around the 20 SMA, before looking for a potential short entry. My SL would be above that, perhaps 5165. Gotta be careful though, market is tricky! 😬
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Update on my earlier thought 📝. I'm also keeping an eye on the RSI. It's at 44.9, which is neutral, but if it starts dipping below 40, that could confirm more bearish pressure. Might wait for that confirmation before entering any short position. Patience is key! 🙏 What do you all think? Is RSI enough for confirmation sometimes?
I get the bearish idea for gold, especially with the price below the 20 and 50 SMAs. But your 5150 retest for a short entry, that's a bit lower than the current 20 SMA right?
I'm trying to understand that part. Is there a specific reason you'd wait for 5150 instead of closer to the 50 SMA now? Just trying to learn the strategy.
I'm trying to understand that part. Is there a specific reason you'd wait for 5150 instead of closer to the 50 SMA now? Just trying to learn the strategy.