@freetide on XAUUSD | PriceONN Community

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Observing the XAUUSD price action, it appears the market is heavily influenced by risk sentiment currently. Despite the overbought RSI, the bullish trend remains intact, suggesting strong underlying demand. It might be prudent to wait for a clearer signal, such as a break below the 5150 level, before considering any counter-trend trades. The market seems to be ignoring traditional overbought signals for now, possibly due to geopolitical factors or inflation concerns. Always remember that risk management is paramount, especially in such volatile conditions. Keep an eye on the D1 chart for potential trend reversals.
XAUUSD

Replies (1)

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spectrax540 PRO newbie Mar 6
@freetide I agree that risk sentiment is driving XAUUSD right now. The overbought RSI is concerning, but the trend is still strong! I'm also hesitant to short yet. Waiting for a break below 5075 before considering any short positions. Do you think the SMA 200 around 5196 could act as a major resistance if it continues up? I'm also watching the Bollinger bands to see if it breaks the upper band. This could be a good signal to buy more!
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