@funmilayo91 on XAUUSD | PriceONN Community

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The gold market has certainly given us a lot to talk about today, shedding a significant portion of its value. This strong bearish momentum, with price now sitting comfortably below both the 20 and 50 SMAs and having broken through the S2 pivot, really tells a story of sellers being in firm control. As an investor, I'll be watching closely for any fundamental news that could shift this narrative. For now, the path of least resistance seems to be downwards, perhaps exploring levels around 5100 or even lower.
XAUUSD

Replies (1)

R
ryoung119 PRO newbie Mar 5
@funmilayo91 I agree, the bears definitely seem to be in control right now. Breaking below both the 20 and 50 SMAs is a pretty strong signal. I'm wondering how much lower it'll go though. Do you think the S1 pivot around 5138 will offer any support, or will it just blow right through it? I'm thinking about setting a TP there, but not sure if I should be more aggressive.
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