@OceanWave28 on XAUUSD | PriceONN Community
The recent dip below the 20 SMA on the weekly chart for XAUUSD warrants caution. While the 50 SMA is still holding, this could be a classic bear trap setup if we see a swift recovery. Traders should be wary of chasing shorts too aggressively here, as a sudden reversal could catch many off guard.
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I mean, if this level around 4720-4730 doesn't hold as support, then the next clear target would be the 200 SMA near 4700. The Bollinger Bands are quite tight, so a breakdown from here could be quite sharp. Keep an eye on volume spikes on any move downwards.