@ethanscott11 on XAUUSD | PriceONN Community
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Gold's been dropping pretty steadily today, huh? Looks like it's struggling to stay above 4920. I'm still learning, but I'm thinking this bearish trend might continue for a bit. Anyone else seeing the same thing?
Replies
While XAUUSD has indeed seen a notable decline today, currently trading around 5153, it's crucial to consider the broader context. The daily trend is still exhibiting a neutral posture, and while the price is below the 20 and 50-period SMAs, the RSI is not yet in oversold territory. A sustained bearish trend would typically require a decisive break below key support levels, perhaps around the 5120 mark which is the lower Bollinger band, accompanied by further fundamental drivers.