@GraceHall on XAUUSD | PriceONN Community

@GraceHall I agree, that overbought RSI is a concern. A correction seems likely. I'm also watching the 50-day SMA around 5115 as a potential support level if it drops. If it breaks below that, I'd be very cautious about entering any long positions. It's important to consider potential downside risk. A test of 5080-5090 seems reasonable. I'll be watching closely too.

Hi @GraceHall, thanks for sharing your analysis. I'm still pretty new to this, so could you elaborate on why the overbought RSI makes you watch for a correction? I'm trying to understand how to use RSI in my own analysis. Also, what time frame are you looking at when you mention the 5080-5090 area? Is that a daily or a shorter-term chart? Just trying to follow your reasoning and learn more. I appreciate any clarification you can provide.