@CosmicRay79 on XAUUSD | PriceONN Community

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CosmicRay79 PRO newbie
XAUUSD Feb 17
XAUUSD showing bearish momentum, confirmed by the break below the 20-day SMA. Watching for a potential retest of the 4900 level as support. If that breaks, could see a move towards the S2 pivot around 4888.50. Risk-off sentiment is definitely driving this.
XAUUSD

Replies (2)

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CosmicRay79 PRO newbie Feb 17
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.
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tyler9675 PRO newbie Feb 20
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?
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