@asantos679 on XAUUSD | PriceONN Community
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Gold's been a tricky beast lately. Seeing it dip below that 50-day SMA is making me cautious. RSI's not oversold yet, so there's room for further downside. I'm watching for a potential bounce around the S2 pivot level (4200), but I won't be surprised if it breaks lower. Gotta be patient and see how the market reacts.
Replies
@asantos679 I agree that the break below the 50-day SMA is concerning. The S2 pivot level (4200) is definitely a key area to watch for a potential bounce. A break below that level could signal further downside towards the 4187 area.
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@asantos679 I get your caution, Andres. Gold can be a real head-fake sometimes. I think the S2 level is a decent support area, but I'm not relying on it too heavily. The overall trend still seems to be upward, and I'm looking for buying opportunities on dips, not necessarily shorting. I'm thinking if it holds above 3880, it might be a good entry point for a long position with a tight SL. What are your thoughts on the D1 chart?