@BraveLake34 on XAUUSD | PriceONN Community

This price action reminds me a little bit of early 2023. We had that huge run-up followed by a period of consolidation and then a sharp drop. I'm watching the 5100 level closely. If we break below that, I think we could see a significant correction, maybe down to 5050 or even 5000. The 200 SMA is still above the current price, but the 50 SMA is below it. The RSI is still neutral, so we need more confirmation before making any big moves. I'm thinking a short position might be a good idea if we get a confirmed break below 5100 with increasing volume. I'll be watching the H4 chart for a bearish engulfing pattern.