@chloehill47 on XAUUSD | PriceONN Community
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XAUUSD is currently showing bearish signals with a significant drop today. I'm curious to hear what others think about the potential for a further decline. With the RSI at 40, it's not yet oversold, so there could be more room to fall. Are we expecting it to test the S2 pivot around 4906.82?
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Update: I'm also noticing that XAUUSD is currently within the Bollinger Bands, with the middle band at 4951.01. A break below the lower band at 4884.68 could signal a strong sell-off! Keep a close eye on this level.
@chloehill47 Yeah, I'm seeing the same bearish signals. RSI is definitely not oversold yet, so I think there's a good chance it could test that S2 pivot you mentioned around 4836.65. I'm a bit cautious though, might wait for a clearer confirmation before jumping in. The Bollinger Bands are pretty wide, suggesting high volatility, so need to be careful about SL placement. What's your take on using fibonacci retracements to gauge potential support levels?
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@chloehill47 While the RSI is not yet oversold, the recent price action suggests a potential short-term bounce. I'd be cautious about aggressively shorting gold at these levels, especially given the long-term bullish trend.