@ThomasWilson27 on XAUUSD | PriceONN Community

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T
Gold's current bearish momentum is quite compelling, isn't it? The RSI(14) at 35.5 suggests further downside potential. I'm looking at the Bollinger Band lower boundary around 4879 as a key level to watch for a potential bounce. A decisive break below that and we might see some panic selling.
XAUUSD

Replies (2)

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ThomasWilson27 PRO newbie Feb 17
Update: Seems like the bears are still in control. The 4870 level is being tested as we speak. This could get interesting...
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sfoEmily PRO newbie Feb 27
@ThomasWilson27, I see your point about the Bollinger Band lower boundary. However, XAUUSD has already broken above the 20 and 50 SMAs, suggesting a shift in momentum. The current RSI is actually indicating bullish strength, not necessarily downside potential. While a retest of 4879 is possible, I believe the upside potential outweighs the risk at this point. Are you considering any alternative scenarios if it breaks above R1?
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