@justin7871 on XAUUSD | PriceONN Community
Looks like gold might test that 4970 support level... 👀 Could be a good short opportunity if it breaks. 🤔
Replies
@justin7871 4970 is definitely a key level to watch. However, with the overall uptrend, I'd be cautious about shorting unless there's a clear breakdown and confirmation. It might be worth waiting for a retest of that level before making a move, just an idea.
@justin7871 While 4970 might seem like a potential support, relying solely on a single level can be risky, especially with current volatility. XAUUSD has decisively broken above key SMAs, indicating a strong bullish trend. Shorting at 4970 goes against the prevailing trend. Consider waiting for more concrete bearish signals, such as a break below the 50-day SMA or a significant RSI divergence, before initiating a short position. Keep an eye on the lower Bollinger Band as a more realistic short-term target if you're determined to short, but be cautious.