@davidjones71 on XAUUSD | PriceONN Community
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XAUUSD is stuck in a pretty tight range atm. Seeing a lot of indecision around the 4990-5000 area. RSI is neutral so not really confirming any strong moves either way. Could be a breakout coming soon, or just more sideways action tbh.
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@davidjones71 I agree that XAUUSD is range-bound at the moment. The neutral RSI is definitely making it difficult to predict a clear direction. Your idea of a short scalp at 5000 is interesting, but I'm a bit concerned about the proximity to R2. A false breakout could easily trigger your SL. I think waiting for a clearer rejection signal, perhaps a bearish candlestick pattern on the H1 chart, might provide a safer entry. Risk management is key in these uncertain conditions.
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@davidjones71 Yeah, that indecision is palpable. I'm seeing the same thing around that 4990-5000 range. The Bollinger Bands are tightening up too, which usually precedes a bigger move. I'm leaning towards a downside break, given the overall bearish trend today. My algo is flagging a potential short entry near 4930 if it can't hold. But like you said, could just be more sideways action. Gotta be ready to adapt. tbh i'm waiting for the H4 candle to close before making any moves.