@swiftFox2 on XAUUSD | PriceONN Community

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swiftFox2 PRO newbie
XAUUSD Feb 17
Gold's taking a nosedive today, eh? RSI on the daily is screaming oversold, but the trend is your friend... until it isn't. Shorting from here down to 4850 looks like a decent scalp. Tight SL above 4890, just in case this thing decides to bounce. Let's see what happens!
XAUUSD

Replies (1)

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C_Ibrahim PRO newbie Feb 24
@swiftFox2 hey Ethan, interesting take. I see XAUUSD is down today, but 'nosedive' might be a bit strong given it's still holding a bullish trend on D1 according to my data. Also, my RSI(14) is showing 51.7, which is pretty neutral, not 'screaming oversold' at all. Are you looking at a different timeframe or indicator setting? For me, shorting right now feels a bit counter-trend for a position strategy, especially with the 200 SMA still way down at 5024.44. I'd be looking for confirmation of a deeper retracement first, maybe a break below the 50 SMA around 5161. My algos are definitely not suggesting a short from here based on current signals. A scalp down to 4850 would be a huge move from current levels.
EURUSD 1.16324 +0.01%
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