@ApexHunt78 on XAUUSD | PriceONN Community
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Watching the XAUUSD chart around that 4795 level, which is the 50 SMA. I'm looking to scale into short positions if we break below the S1 pivot at 4792. My entry would be on a confirmed candle close below that level, with a tight stop loss just above it, aiming for the next support zone near 4780. This is a scalping approach, looking for quick downside.
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Alternatively, if price action fails to break below the 50 SMA and S1, and instead finds solid support there, I might consider a small long scalp. This would require a clear bounce off 4792-4795, with RSI showing some upward divergence or moving back above 50. The R1 pivot at 4804 would be my initial TP target for that scenario. It’s all about reacting to the immediate price action and managing risk tightly.
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Adding to that, I’m also keeping an eye on the RSI. Currently at 45.4, it’s not giving strong oversold signals yet, but a move below 40 would definitely strengthen the bearish case for a short-term pullback. The news about US-Iran talks easing inflation fears might also be a factor weighing on gold, pushing it down even as the dollar weakens a bit. I'll be looking for confluence between the price action breaking support and the RSI dropping further, maybe towards 35-40, before committing fully to the short. It's about finding that sweet spot where technicals and sentiment align for a quick profit.
@ApexHunt78 I agree with your cautious approach regarding the 4792 S1 pivot. Looking at Friday's close around 4833, which is just below the R1 pivot point, suggests immediate upward momentum may be stalled. The RSI at 45.4 also supports a potential pullback. I’ll be watching that 50 SMA test closely; a decisive break below it would certainly validate your bearish outlook for a short-term push lower.
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@ApexHunt78 Your analysis on the 4795 resistance and S1 pivot is spot on. I'm also watching that 50 SMA very closely for any bearish confirmation.