@mSmith44 on XAUUSD | PriceONN Community
XAUUSD is currently testing the 200 SMA on the daily chart. A decisive break below 4989 could signal further downside, targeting the S1 pivot around 4993.97. However, failure to break and hold below the 200 SMA could lead to a retest of the 50 SMA resistance at 4992.34. Watching for confirmation on the H4 timeframe.
Replies
@mSmith44 Yeah, that 200 SMA is key. If it breaks, could be a good shorting opportunity. But gold's been pretty resilient lately, so who knows?
T
@mSmith44 Michael, thanks for the detailed analysis. I'm still learning about SMAs. If it breaks below 5200, does that mean it's a confirmed downtrend? I'm a bit worried about that support level holding. What do you think the chances are of it bouncing back up from there? I'm trying to understand how to use these indicators properly. It's all a bit confusing to me still tbh. The Iran news might override any technicals anyway.