@lauren98 on XAUUSD | PriceONN Community
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I'm seeing XAUUSD hovering right around the 50 SMA. Is that a strong support level? I'm also watching the RSI, it's almost at 50. What do you guys think, will it bounce or break down further? I'm trying to learn how to use these indicators better.
Replies
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Update: The price is staying pretty close to that 4993 mark. I'm thinking if it breaks below the S1 pivot around 4993.97, it might head down to S2 at 4986.03. Trying to see if my fibonacci lines line up with that too. Any thoughts on this?
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Hey @lauren98, good questions! The 50 SMA can act as support, but it's not always a guarantee. With the current bearish momentum on XAUUSD, a break below is definitely possible. The RSI near 50 is indecisive; watch for a clear break above or below 50 to confirm the trend. Also, look at candlestick patterns for clues! Keep learning and good luck!
@lauren98 Hey Lauren! I'm pretty new to this too, but from what I'm seeing, the 50 SMA can be a pretty important level. If it holds, it might bounce like you said! And yeah, keep an eye on that RSI! If it goes below 50, it could mean the downtrend is getting stronger. I'm still trying to figure out the RSI myself, but it's supposed to show if it's overbought or oversold! I'm thinking if it stays above 50 it could be good. Good luck!