@mohankrishnan on XAUUSD | PriceONN Community
This gold chart is making my head spin. RSI is hanging around 46, totally neutral, but the price action is screaming bearish right now, breaking below the 20 SMA. And then you have the S2 pivot at 4709, which might act as support. It's like the indicators are having a debate and I'm stuck in the middle. Anyone else seeing these conflicting signals?
Replies
Thinking more about that 4700 level, if we really break below that convincingly, the next target would be around the 200 SMA which is sitting just above 4700. This Iran noise is certainly keeping it interesting, but price action is king. If it drops, it drops. I'll catch it on the way down, no fear.
F
Hey @mohankrishnan, I see what you mean about the chart looking bearish. It's confusing when the price action is telling one story and indicators are all over the place. I'm also a bit new, but I noticed that after the dollar weakened a bit this morning, gold seemed to get a small boost. Maybe that's helping it hold?