XAUUSD looking bearish imo. Price below the 20 and 50 SMAs on the H4 chart. RSI is still kinda neutral, but if it breaks below 40, might be a good short opportunity. Targeting 4980, then maybe 4960. Keeping a close eye on it.
@XChan97, I agree with your bearish outlook. That H4 chart is looking pretty grim. Price struggling to stay above those SMAs. I think 4980 is a bit ambitious though, maybe 4860 first? I'm also watching the RSI, but I'm a bit wary of relying on it too much with gold. It can stay oversold for ages. Are you using any other indicators to confirm your bias? What's your risk reward ratio looking like?
