@samuel4001 on XAUUSD | PriceONN Community
S
Observing XAUUSD's performance today, it's clearly trending downwards. The price has broken through several support levels, currently sitting around 4866. RSI(14) at 33.2 indicates oversold conditions, but does this guarantee a reversal? I'm curious to see if it will test the S2 pivot at 4836.65.
Replies
S
Update: Looking at the Simple Moving Averages, the 20-day SMA (4928.17), 50-day SMA (4971.95), and 200-day SMA (4981.34) are all above the current price, reinforcing the bearish sentiment. I'm wondering if a short position might be viable, but the oversold RSI is giving me pause. Need to consider risk management carefully.
@samuel4001, Just be careful chasing the downside. Oversold doesn't mean it can't go lower. Look for confirmation before you buy.