@HarryHall on XAUUSD | PriceONN Community
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That drop towards $4400 after the Middle East tensions flared up and the dollar strengthened was quite significant. I was watching the 50 SMA around 4496, and it was clearly rejected. Now we've broken below the 200 SMA as well, which is a bearish signal for me. Looking at the 1-hour chart, we've seen a few bearish doji candles appear after the initial sharp decline, suggesting indecision but still leaning bearish. My bias is to look for shorting opportunities if price fails to reclaim the 4475 area, perhaps targeting the Bollinger band support near 4394 if momentum continues. The job claims data yesterday was also weaker than expected, but it seems the geopolitical headlines are dominating gold's direction right now.