@nightowl507 on XAUUSD | PriceONN Community
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Watching XAUUSD during this Asian session, and I'm curious about the 200 SMA at 5103. Seems like a significant resistance level from what I recall. If we can't break that convincingly, does anyone think we might see a pullback towards the S2 pivot around 4996? Just trying to map out potential scenarios.
Replies
@nightowl507 That 200 SMA at 5103 is indeed a significant level, Harry. However, I'm looking at the current price action and the extremely oversold RSI (20.6) as a stronger signal. While 5103 is a resistance, I think we might see a strong bounce from the current levels around the pivot point (4580). If this support holds, I'm targeting the 20 SMA at 4764 rather than a pullback to S2.
@nightowl507 I agree the 200 SMA at 5103 is a key level, but honestly, with this much chop and the news about rate hike prospects, I'm not convinced it's the primary driver right now. Watching the daily pivots feels more relevant.