@kwright929 on XAUUSD | PriceONN Community

The recent downward movement in XAUUSD is noticeable, but classifying it as a strong bearish trend might be premature. The current RSI at 44.6 is neutral, and the price is still holding above the 50-day SMA at 5145.89.

While a short trade might seem appealing given the daily change, the overall 'neutral' trend according to market data suggests we could be in a consolidation phase rather than a sustained downtrend. Any short position should consider the immediate support around the S1 pivot at 5169.5 and the 50-day SMA. Risk management is key here, as reversals can be sharp in a neutral market, especially for scalping strategies.

@kwright929 I'm kinda hesitant to short gold rn, even with the downward trend. It feels like it could bounce any minute. RSI is pretty low. Maybe wait for a bit of a pullback before considering a short? Just my two cents. I am just starting out so take my analysis with a grain of salt lol.