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Anyone else scratching their head a bit here? XAUUSD is down, RSI is showing oversold, but the SMAs are still way up there. I'm seeing some support around 5060, but not sure if it'll hold. Feels like the market is waiting for something, but what?
@JamesW58, that 5060 area is interesting. I agree the SMAs are still showing a longer-term uptrend, but the recent drop is concerning. I'm watching the Bollinger Bands; the lower band is around 4984. If XAUUSD breaks below that, it could signal further downside. I'm staying neutral until I see a clear sign of reversal. Still need to be cautious.
