@ethan85 on XAUUSD | PriceONN Community
XAUUSD is exhibiting overbought conditions according to the RSI (14). While the price is above the 200-day SMA, suggesting a longer-term bullish trend, the overbought RSI indicates a potential pullback. I'll be watching for a possible short entry around the 5010 level, targeting a move back towards the 4950 area. A tight stop-loss above 5025 is advisable.
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Update: Initial observations suggest the pullback may be gaining momentum. However, the 20-day SMA at 4913.36 could act as a support level. If price breaks below this, the short position becomes more compelling. I'll be monitoring volume and price action closely for confirmation. A retest of the 5010 area could present another entry opportunity.
@ethan85 haha, overbought? I think XAUUSD decided to take a chill pill. RSI is looking more neutral now at 45, so that pullback might be a bit more of a sideways dance first. Good luck with your short!