@jose6566 on XAUUSD | PriceONN Community

Actually, looking at the 50 SMA also holding at 4806, that's two solid supports for XAUUSD. This should get interesting quickly as London comes online.

Hi @jose6566, I see what you're looking at with the 20 and 50 SMAs holding, that's a good sign for a short-term bounce. However, I'm a bit more cautious. The overall trend is still bearish with the price below the 200 SMA and RSI well into bearish territory at 39.3. That move past 4750 was maybe just a dead cat bounce or some institutional trap to get retail on the wrong side. I'm looking at the S1 pivot around 4735.96 as a more immediate resistance level, and if that breaks, I'll be looking for a move down towards the S2 at 4731.96. The Bollinger bands are also pretty tight, suggesting we could see a sharp move, but I'm not convinced it'll be upwards just yet.