@SophieJ51 on XAUUSD | PriceONN Community

My analysis suggests that XAUUSD is likely to experience further downward movement in the short term. The RSI is currently at 37.4, indicating a bearish momentum that isn't yet oversold, leaving room for a continued decline. The price is also below the 20-day SMA (5096.91), which is acting as resistance. I anticipate a test of the S1 pivot level at 5080.10, and potentially a further drop towards the S2 level at 5069.43 if bearish momentum persists. I'll be monitoring volume closely to confirm the strength of the downtrend. A break below the Bollinger Band lower band could signal a sharp move lower.