@dThompson95 on XAUUSD | PriceONN Community
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XAUUSD is looking increasingly bearish. The break below the 4900 level was significant, and now we're testing the S1 pivot at 4870. A sustained break below this level could open the door to further downside, potentially targeting the S2 pivot around 4842. I'm considering a short position with a tight stop loss just above the 20 SMA. However, I'm also watching for a potential bounce at the Bollinger Band lower boundary near 4846. Risk management is key in this volatile environment. Overall, the short-term outlook appears bearish based on current technical indicators.