XAUUSD is definitely taking a hit today, that's a pretty big drop. I'm looking at the RSI and it's still near 48, so it's not oversold yet which makes me a bit skeptical about a quick reversal. We could see it try to test the 5120 zone, maybe even S1 pivot at 5128.
update: I'm also seeing the 20 SMA is just above the current price, acting as a resistance point. If it can't break above that, the bearish trend might just continue. I'm not convinced this dip is done yet, gotta watch for some stronger confirmation.
J
JustinP84PROnewbieFeb 27
@AMohammed38 I agree that 5120 is a key level to watch. If it breaks below that, we could see a deeper correction towards the 200 SMA.
