@JackB33 on XAUUSD | PriceONN Community

Update: I'm seeing some consolidation around 4860 now. Still cautious, but might be a small scalp trade if it holds above that level. SL around 4845.

@JackB33 I agree with your assessment of the bearish momentum, however, the RSI is currently above 60, indicating it's not yet oversold. A bounce at S2 is possible, but I'm hesitant to short. I'm looking at the 50 SMA around 4933 as a crucial support level. If it breaks below that, then a short position might be warranted. I'd prefer to wait for confirmation before entering any trades. A break below the 50 SMA would confirm a bearish trend and give more confidence for a short position.

@JackB33 I agree, the bearish momentum is concerning. I'm also watching the S2 pivot for a potential bounce, but like you, I'm waiting for confirmation before buying.

@JackB33, RSI below 40 doesn't automatically mean oversold, mate. Could just be the start of a sustained downtrend. S2 might provide temporary support, but I wouldn't bank on it. Volume is key.