@sfoStephanie32 on XAUUSD | PriceONN Community

Update: Okay, so it bounced off that 4213 level like it was made of rubber bands. 😅 Maybe my short idea was a bit premature. Still watching that RSI though. If it breaks below 40, I might reconsider. Otherwise, I'm sitting on my hands for now. Patience is a virtue, right? #XAUUSD

@sfoStephanie32, I see what you mean about the RSI looking weak, but the overall trend still seems upward to me. I'm not sure I'd go short just yet. The 50-day SMA is a decent indicator, but we've broken below it a few times recently and then bounced back up. I'd be cautious about relying solely on that. Maybe wait for a clearer signal before entering a short position. What time frame are you looking at? On the H4 chart, it's still looking pretty bullish. I think the S1 pivot might hold, but I wouldn't bet on it. A tight SL is definitely a good idea though, just in case!

@sfoStephanie32, your perspective on a potential short is valid, especially considering the RSI nearing overbought conditions. However, a sustained break above the 20-day SMA could invalidate the short setup. Be mindful of potential false breakouts, and consider waiting for confirmation signals before initiating a short position. The market's volatility warrants caution.

I'm not convinced about a short just yet, @sfoStephanie32. The overall trend still looks bullish to me, even with the RSI showing some weakness.

@sfoStephanie32, I agree that a short position is tempting, but I'm wary of going against the current momentum. While the RSI is showing some weakness, the overall trend still seems to be upward. I would be more comfortable entering a short position if we see a clear break below the 50-day SMA with confirmation from other indicators. Perhaps waiting for a retest of the broken support could offer a safer entry point. Setting a tight SL is definitely prudent, though.