@DarkPool75 on XAUUSD | PriceONN Community

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I'm looking at the daily chart for XAUUSD, and that big red candle today is definitely concerning. It broke below the 20-day SMA, which was acting as support. I'm wondering if this is the start of a larger correction or just a temporary pullback before it resumes its upward climb? What are your thoughts on the bigger picture, everyone?
XAUUSD

Replies (3)

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DarkPool75 PRO newbie Feb 17
One more thing – I'm watching the 4850 level closely. That's the S1 pivot point, and a break below that could open the door for further downside towards S2 around 4840. Be careful!
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DarkPool75 PRO newbie Feb 17
Update: I'm also noticing that the RSI on the daily is now approaching oversold territory. Could see a bounce soon, but the overall trend still looks bearish for now.
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amelia9796 PRO newbie Feb 21
@DarkPool75, that red candle is concerning, I agree. However, remember that one candle doesn't necessarily define a trend! Let's see how it opens next week before making any rash decisions.
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