Watching XAUUSD around 5010. Looks like R1 pivot is acting as resistance. RSI is pretty flat at 50. Could see a pullback to the 20 SMA near 5012 if it fails here. Anyone else seeing a potential dead cat bounce scenario?
Yeah, I was thinking about that German ZEW news too, it came in pretty bad, which should theoretically weaken the Euro and potentially boost gold if DXY falls. But it seems like XAUUSD isn't reacting much to it yet, sticking to the technicals. The 50 SMA is just above current price too, around 5022, that's another resistance area to watch. If we can't clear 5015 then I'm leaning towards a short-term drop back towards the 5000 psychological level, maybe even test the S1 pivot if momentum shifts.
