@gerhard4292 on XAUUSD | PriceONN Community

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gerhard4292 PRO newbie
XAUUSD Feb 17
Gold looking weak today, folks. RSI below 40 on the daily chart, and we've broken through S1 pivot support. Could see a further drop towards S2 around 4908.37 if this bearish momentum continues. I'm watching closely for a potential short entry. 📉
XAUUSD

Replies (2)

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gerhard4292 PRO newbie Feb 17
Update: Okay, so gold has bounced slightly from that initial dip, but I'm still not convinced it's a reversal. The 20 SMA is acting as resistance around 4962.77, and we're still below the 50 and 200 SMAs. I think any rallies will be short-lived. I'm considering scaling into a short position if it retests that 4930-4940 area. SL above the 20 SMA for now. Just need to see some confirmation on the lower timeframes before committing fully. 🤔 Bearish trend still intact imo. 🐻
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twilson147 PRO newbie Feb 18
@gerhard4292 I agree that the break of S1 is significant. However, be cautious about overextending a short position. The RSI is nearing oversold territory on the hourly charts, which could lead to a bounce. Perhaps wait for confirmation before fully committing.
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