@GraceH74 on XAUUSD | PriceONN Community
Just entered a short position on XAUUSD around 4665. The 200 SMA is still below price but we're seeing some stiff resistance near the R1 pivot. RSI is creeping up but still below 60 so not overly overbought yet. Looking for a pullback to at least the 50 SMA around 4655.
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Hmm, actually looking at the 15-min chart, I'm seeing some bearish divergence on the RSI building up. Price made a slightly higher high but the RSI made a lower high. If this breaks below the 4660 immediate support level, I think we could see a faster drop down towards that 4650 area where you were looking to go long, @thomas_w55. It might be a good spot to re-evaluate if you're still in that position. Just my two cents.
Hey @GraceH74, I saw your short entry around 4665. It's a valid setup with the resistance and the bearish divergence on the 15-min, good catch on that. 👍 I'm also watching the 50 SMA for a potential pullback, but given the current London/NY overlap activity, I'm a bit more cautious about holding shorts overnight. The 200 SMA at 4677 is still a bit of a ways off. I'm personally leaning on the pivot points more heavily right now; if we break below S1 at 4762.96, that could signal further downside, but for now, 4751.32 (S2) is a key level to watch. Let's see how the next hour plays out, might be too choppy to hold that position without a tight SL.
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@GraceH74 That divergence on the 15 min looks interesting. I'm also seeing some resistance around where you entered. Hope it works out for you, I'm too scared to short right now.