@danielhall24 - XAUUSD | PriceONN Topluluk
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XAUUSD is exhibiting a clear bearish trend, currently trading below the 20, 50, and 200 SMAs. The RSI at 39 suggests further downside potential before reaching oversold territory. I anticipate a continued decline towards the S1 pivot point at 4915, potentially testing the S2 level at 4904 if selling pressure persists. Keep a close watch on price action around these key support levels.
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Furthermore, the Bollinger Bands indicate increased volatility, with the price currently testing the lower band around 4890. This could signal a potential short-term bounce, but I believe the overall trend remains bearish. The fundamental drivers, such as rising interest rates and a stronger USD, continue to weigh on gold prices. I'm maintaining a short position with a TP target of 4880 and will reassess if the price fails to break below 4900. It's crucial to correlate this analysis with global economic news releases for informed decision-making. Always manage your risk appropriately.
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Update: A break below 4915 could trigger a sharper sell-off. Consider setting SL levels accordingly. Monitor the D1 chart for confirmation.
While I appreciate your analysis @danielhall24, I'm hesitant to declare a definitive bearish trend for XAUUSD. While it's true the price dipped below the SMAs, the current price near 5021 suggests a possible recovery. The RSI, while not oversold, is also not indicating strong selling pressure. I think it's important to consider the broader economic context, including inflation concerns, which could continue to support gold. A break below the S1 pivot at 5024.68 would certainly strengthen your bearish case, but until then, I remain cautiously optimistic about gold's potential to rebound.
@danielhall24 I agree with your assessment. A break below S1 pivot level at 5078.81 would confirm the bearish continuation, potentially leading to further declines towards S2.