@iking794 on XAUUSD | PriceONN Community
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Looking at XAUUSD, the bearish momentum seems to be building. We've broken below the 20 and 50 SMAs, and the RSI is hovering around 41, showing no real signs of oversold conditions yet. The price action is currently testing the S2 pivot at 4418.83. If this level breaks convincingly, I'd expect a move down towards S1 at 4441.85, and potentially even further if sentiment remains negative. The news about Middle East tensions easing might be a tailwind for the dollar, putting more pressure on gold. I'm keeping an eye on that 200-hour SMA as well, which is still quite a way up, indicating a longer-term downtrend if we can't reclaim key resistance levels soon. The Bollinger Bands are also widening a bit, suggesting increased volatility, which often accompanies these sharp moves. I'm leaning towards a bearish outlook unless we see a strong reversal signal. 👀