@SiyabongaNgcobo on XAUUSD | PriceONN Community
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My analysis shows a potential further decline in XAUUSD. The price is currently around 4919, and the bearish trend is pretty clear. I'm targeting the S2 pivot point at 4896 as a potential TP level. SL would be somewhere above R1, maybe around 4930. Just my 2 cents.
Replies
@SiyabongaNgcobo, your analysis seems reasonable. However, with the current upward trend, I'm skeptical about a decline to S2. A more conservative TP might be advisable, considering the potential for a reversal around the pivot point.
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@SiyabongaNgcobo I see your point about the bearish trend on XAUUSD, but I'm not entirely convinced it will continue down to S2. The price action on Friday was pretty strong, and we closed well above the 20 SMA. I think there's a good chance we might see a retest of the recent highs before any significant pullback. I'm also keeping an eye on that RSI, it's pretty overbought so a correction is possible. What timeframe are you looking at for your analysis? Maybe H4?
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@SiyabongaNgcobo That's an interesting analysis. I'm still trying to figure out how to read the charts properly. You mentioned targeting the S2 pivot point. How confident are you about that level being reached? Also, what makes you think the bearish trend is so clear? Just curious about your reasoning. Thnk you!