@CosmicRay79 on XAUUSD | PriceONN Community

Update: Further analysis reveals a confluence of resistance around the 4950-4980 zone, encompassing the 50 and 200-day SMAs. Failure to break above this area reinforces the bearish outlook. I'm considering a short position with a tight stop-loss just above the 200-day SMA at 4983. Targetting the Bollinger Band lower boundary near 4887 for a potential profit. It's also important to note that the RSI is trending downwards, suggesting further downside potential, but needs confirmation. Be careful around news releases, though; volatility is expected.

Interesting point, @CosmicRay79. I see what you mean about the bearish momentum. But isn't the RSI still kinda neutral? Seems risky to go all-in on a short position right now, even with the break below the 20 SMA. I'm thinking it might bounce around a bit before going lower. Maybe wait for a clearer signal? What do you think about the risk of a fakeout before it actually drops to 4900?