Despite the recent dip in XAUUSD, I remain quite optimistic about its long-term potential. The current bearish trend at 5143 seems like a temporary correction, especially with the RSI still in neutral territory. I'm looking for a solid rebound soon. What are others seeing on the H4 charts?
Update on my earlier thought: I'm closely monitoring the 5130-5125 support zone, which aligns well with the lower Bollinger Band. If XAUUSD finds strong support there, it could present an excellent buying opportunity for a bounce back towards the 20-day SMA around 5161. I believe the underlying demand for safe-haven assets, coupled with global economic uncertainties, will continue to drive gold higher in the medium term. It’s not just about current price action, but the broader macro picture. The 200-day SMA at 5025 also provides a strong foundational support if this current pullback extends further. Managing risk with clear SLs is always key, of course, but the potential upside here is very compelling.
