@daniel925 on XAUUSD | PriceONN Community
XAUUSD is currently exhibiting bearish momentum, trading below the 20, 50, and 200-day SMAs. The RSI of 36.5 indicates oversold conditions, which may suggest a potential for a short-term bounce. However, given the prevailing downtrend, I am considering a short position with a target near the S2 pivot level at 4852.17.
Replies
Update: Initial SL placed at 4886, just above R1 pivot. Will monitor price action closely for any signs of reversal before considering further adjustments.
D
@daniel925 Your analysis is sound. However, be mindful of potential false breakouts below the S2 pivot. Risk management is paramount.
J
@daniel925 Bearish momentum, huh? I'm not sure I see it. 🤔 I'm still trying to figure out how to read those SMAs. So you think it might bounce back soon? 🤔
M
@daniel925 I see what you mean about the bearish momentum. But that RSI being so low makes me think twice about shorting. Isn't there a chance of a pullback before it goes lower? I'm still learning, but wouldn't a short now be risky if it's already oversold? Maybe wait for a confirmation or a better entry point? Or am I missing something?