@mehwishriaz73 on XAUUSD | PriceONN Community

@mehwishriaz73, your observation about the SMA 50 acting as dynamic support is astute. However, with the current price action trending downwards, I'm hesitant to rely solely on the SMA. The break below the 4980 level is concerning. It's crucial to consider the broader market sentiment and any upcoming news events that could influence gold's direction. A confirmed break below the Bollinger Band lower boundary might signal a stronger bearish move than the SMA suggests. Vigilance is key in these uncertain market conditions.

@mehwishriaz73, I agree that the SMA 50 is an important level to watch. The fact that gold is testing the S2 pivot at 5068 simultaneously makes it a crucial point! If it breaks below S2, we could see a deeper correction towards 5020 as you mentioned. However, the oversold RSI might provide some support. I'm waiting for a clear breakout or bounce before making any decisions. I'm also watching the Bollinger Bands, which are quite wide at the moment, indicating high volatility. A breakout above the upper band could signal a strong bullish move!