@eyoung765 on XAUUSD | PriceONN Community

Okay, so the market seems to be kinda shrugging off the ceasefire news for now, which is weird. My initial thought was that any hint of de-escalation would send gold lower, but it's holding relatively stable despite that -80 point drop earlier. Maybe the underlying demand is just that strong, or perhaps traders are anticipating something else to drive price. I'm still watching the SMAs, and they are definitely pointing down now, which is concerning. The 20 SMA is below the 50 SMA, a bearish cross. If we can't bounce back soon, I might have to reconsider my bullish outlook. This feels like a critical point for gold right now.

The fact that the RSI is already in oversold territory at 27.5 despite this bearish move is also making me a bit uneasy. It means there's still room to the downside before any major bounce is expected, technically speaking. I might have jumped the gun on expecting strength too early. Need to see some confirmation of support holding around these 4730-4740 levels.