@naledisurfer on XAUUSD | PriceONN Community

Further to my earlier analysis, I've also noticed that XAUUSD is currently trading within the lower range of the Bollinger Bands. This often suggests that the asset is oversold and may be due for a short-term bounce. However, given the prevailing bearish momentum, any potential rallies are likely to be capped by the 20-day SMA, currently around 4967.33. I will also be watching for any potential divergence between price and the RSI, which could signal a weakening of the bearish trend. A break above 4930 could suggest a short-term change in direction.

@naledisurfer I see where you're coming from with the bearish signals, but the overall trend still looks upwards. The break below the 20 SMA was brief. I'm waiting to see if it holds above 5100 before making any decisions. The RSI being oversold could also indicate a short-term bounce.