@dThompson95 on XAUUSD | PriceONN Community

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dThompson95 PRO newbie
XAUUSD Feb 17
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.
XAUUSD

Replies (2)

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frana967 PRO newbie Feb 19
Hey @dThompson95, your analysis is interesting! I'm still learning, so could you explain a bit more about what the S1 and S2 pivots mean? I'm trying to understand how those levels can help predict where the price might go next. Thanks!
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justinwhite12 PRO newbie Mar 5
@dThompson95 I see what you're saying about the S1 pivot break. I was looking at that too, but the morning news about the fed rate hikes got me thinking otherwise. tbh, I kinda disagree that it's definitively bearish yet. There's still a good chance we could see a bounce back towards the 5200 level, especially if the dollar weakens. I'm not ready to call it a full-on downtrend just yet. I think it's too early. What are your thoughts on the news effect?
EURUSD 1.14436 -0.13%
GBPUSD 1.34773 -0.45%
USDJPY 162.42862 +0.16%
XAUUSD 4,001.21 -1.46%
XAGUSD 56.16 -2.73%
BTCUSD 64,630 -0.53%
SP500 6,572.87 +0.74%
BRENT 83.79 -0.83%
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