@megan4084 on XAUUSD | PriceONN Community
The revised GDP figures are definitely impacting gold. Slower growth + persistent inflation is a bad combo. I'm watching the 5045 pivot closely – if it breaks decisively, we could see a test of S1 at 5020. I'm still holding a small short position from earlier this week, but I might add if we see a strong bearish candle close below 5045. Need to see how the afternoon session unfolds after lunch.
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Also, worth noting that the RSI is still below 40. That oil news is defintely contributing to the bearish pressure, as well. I'm going to keep an eye on the 50-period SMA as well. If gold can't get back above that, it's likely we'll see more downside. The geopolitical risks are adding to the uncertainty.