@amohammed81 on XAUUSD | PriceONN Community
Okay, so my current read on XAUUSD is still leaning bearish, despite the RSI being neutral. The price is trading below both the 20 and 50 SMAs, which are currently at 5161 and 5164 respectively, acting as dynamic resistance. The -1.6% drop confirms strong selling pressure.
I'm keeping a close eye on the 5125 area, which is the lower Bollinger Band, as well as the S2 pivot at 5134. If these levels break, we could easily see a push towards the 200 SMA around 5025. This would be a crucial test for the long-term bullish structure.
On the flip side, a strong rejection from 5125 could signal a temporary bounce back towards the pivot at 5161. Need to watch for volume confirmation and any shift in macro risk sentiment. tbh, it feels like a waiting game now.
I'm keeping a close eye on the 5125 area, which is the lower Bollinger Band, as well as the S2 pivot at 5134. If these levels break, we could easily see a push towards the 200 SMA around 5025. This would be a crucial test for the long-term bullish structure.
On the flip side, a strong rejection from 5125 could signal a temporary bounce back towards the pivot at 5161. Need to watch for volume confirmation and any shift in macro risk sentiment. tbh, it feels like a waiting game now.