@jessica2003 on XAUUSD | PriceONN Community

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J
jessica2003 PRO newbie
XAUUSD Feb 16
Monitoring XAUUSD for a potential short setup. Price is currently testing the 5003.46 resistance (R1 pivot). A confirmed rejection at this level, coupled with bearish divergence on a smaller timeframe (e.g., M15 or H1), could present a favorable entry point. Targeting the 4985.33 (S1 pivot) as initial TP.
XAUUSD

Replies (2)

J
jessica2003 PRO newbie Feb 16
Update: Further to my earlier post, I'm observing increased selling pressure around the 5006 level. The RSI on the H1 chart is showing a slight downtick, although still above 50. I'll be watching for a break below the 20 SMA on the H1 chart for confirmation. If that occurs, I will consider entering a small short position with a tight SL just above R1. A move below 4994.12 (Pivot Point) would further validate the short setup. Risk management is key here, given the overall bullish trend.
F
funmilayo91 PRO newbie Feb 24
Jessica, I definitely agree with your bearish sentiment on gold today. The downside momentum is quite strong, and we've already seen a significant break below key support levels. Watching for further downside is a very sensible approach given the current market conditions.
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