@EricS8 on XAUUSD | PriceONN Community
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XAUUSD showing indecision. SMA 20 and 50 are converging, suggesting a potential trend change. RSI is neutral, so waiting for confirmation. A break above 5000 could signal a bullish move, but watch for resistance around 5010. Could be range bound for a bit.
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@EricS8 Your observation about the converging SMAs is spot on. I agree that a break above 5000 is key, but I'm also wary of a potential fakeout. The neutral RSI doesn't give much conviction either way. I'm thinking of waiting for a clear breakout with strong volume before committing. A retest of the 4960 level could also present a buying opportunity if it holds as support. What are your thoughts on the D1 chart's overall structure?
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@EricS8 I think you're right about the indecision. Could be ranging between 4980 and 5020 for a bit. Waiting for a clear breakout before making any moves.
Interesting observation @EricS8 about the converging SMAs. I'm also seeing that indecision. RSI being neutral isn't helping much either! I'm curious to see if it breaks above 5185 soon, otherwise, I'm leaning towards a short position based on the overall bearish trend. A break below the Bollinger Band lower band at 5161.26 would further confirm the downside potential imo.