@SOmar72 on XAUUSD | PriceONN Community
XAUUSD is currently trading around 5115.32, showing a significant drop today. The RSI(14) is at 34.4, indicating bearish momentum but not yet oversold. I'm observing the 20 and 50 SMA levels, with price well below both. Is this a strong signal for continued downside or could we see a bounce off the 200 SMA at 5022.08. What are your thoughts on this setup?
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Update: I'm also looking at the Bollinger Bands. The current price 5115.32 is below the lower band at 5128.07. This proximity to the lower band, combined with the bearish RSI, suggests potential for further downward movement. However, S2 pivot at 5128.28 is very close. Would a break below S2 confirm a strong bearish trend for short-term scalping opportunities?