@LeoS86 on XAUUSD | PriceONN Community
This XAUUSD chart is giving me mixed signals tonight. The price is sitting near S2 pivot but the 50 SMA is above the 200 which usually suggests some bullish momentum. Yet, RSI is just chilling at 46.5, not really oversold or overbought. It's like the market can't decide which way to go right now, frustrating when you're trying to plan a swing.
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Actually, on closer inspection, I'm seeing some decent order block action around that 4500-4510 area from earlier this week. If this S2 pivot at 4508.11 can hold as support, and we see some bullish displacement on the 15-minute chart, that could be an entry for a swing trade back up towards the 50 SMA at 4466.62. Maybe not tonight, but definitely one to watch. The news about falling treasury yields is also a good sign for gold, even if recession odds are high. It's a classic safe-haven play situation, really. Just need that confirmation candle and avoid getting caught in any dead cat bounces if the market turns south again. Definitely not sleeping soundly with this open position.