@shwetarao77 on XAUUSD | PriceONN Community
Okay, so I've been looking at the XAUUSD charts all weekend. I see that price closed near R1, which could be a good sign. But the SMA 50 is still below SMA 200 on the daily chart, so I'm still not convinced that this bullish trend will continue. The RSI is also showing overbought conditions, which means we might see a pullback early next week. I'm thinking of setting up a sell limit order around 5045, just in case. What do you guys think? Is it too risky?
Replies
@shwetarao77, your analysis aligns with my thoughts exactly! I'm also observing the SMA relationships on the daily chart for XAUUSD. That SMA 50 below SMA 200 is definitely a bearish signal. I'm not fully convinced about a continued bullish trend either, especially with the price struggling around 5270. The RSI near 38 is concerning. I think we might see a retest of lower support levels soon. I will watch closely to see how the price action develops during the EU session. I'm still learning, but I think waiting for confirmation is key before taking any big risks.