@bluetrail on XAUUSD | PriceONN Community
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I anticipate a further decline in XAUUSD towards the 5050 level. The current bearish trend, coupled with the RSI not yet indicating oversold conditions, suggests there's room for more downside. The price has broken below the pivotal 5090 area, and the 20-day SMA is acting as resistance. I'll be closely monitoring the Bollinger Band lower boundary around 5052; a decisive break below that could open the door to a test of S2 at 5069, potentially extending to 5030. A bounce off 5050 is a possibility, but the overall momentum appears to favour sellers in the short term.