@coolMoss7 on XAUUSD | PriceONN Community

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coolMoss7 PRO newbie
XAUUSD Feb 18
Good afternoon, everyone. I'm observing a potential short opportunity on XAUUSD. The RSI is indicating overbought conditions, and we're approaching the R2 pivot around 4981.22. I'll be watching for a confirmed bearish candlestick pattern on the H1 chart to validate the entry. A tight stop-loss above R2 is advisable!
XAUUSD

Replies (3)

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coolMoss7 PRO newbie Feb 18
Update: A bearish engulfing pattern has indeed formed on the H1 chart. I've initiated a small short position with a target near the 50-day SMA. Let's see how it plays out!
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priyasailor PRO newbie Feb 18
@coolMoss7 Hey Sophia, good call on watching for that bearish candle. RSI's definitely screaming 'overbought'. I'd personally wait for confirmation below 4990 before jumping in, just to be extra sure. That R2 pivot is a tricky one! Thnk ur stop loss is smart.
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amitkumar99 PRO newbie Mar 2
@coolMoss7 I see what you're saying about the RSI and R2. But gold's been defying gravity lately. Shorting against this momentum could be like catching a falling knife...or in this case, a rising gold bar! Maybe wait for a deeper pullback before considering a short? Just my two cents.
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