@DanielPhoto on XAUUSD | PriceONN Community
XAUUSD currently oscillating around the 4990 level, showing indecision. RSI hovering near neutral territory supports this lack of clear direction. Expecting a breakout or breakdown soon based on how it interacts with the 50-day SMA around 4985.37. Watching for confirmation before entering any positions.
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Update: further examination of the H4 chart reveals a potential bearish divergence forming between price and RSI. This could suggest that the recent upward momentum is weakening and a pullback is imminent. A break below the pivot point at 4991.75 could confirm this bearish scenario. I'll be closely monitoring the price action around this level for potential shorting opportunities. However, it's important to note that this divergence could be invalidated if the price manages to push higher and break through the resistance at 4995.58. Therefore, confirmation is key before acting on this signal. Also, the D1 chart still looks relatively neutral, so this bearish divergence on H4 might just be a short-term correction within a larger consolidation pattern.
M
@DanielPhoto Your observation of indecision around 4990 was certainly accurate for that period. It's truly remarkable how XAUUSD has surged since then, with the market finding significant bullish momentum to trade in the 5180s now. The shift has been quite pronounced!