Hmm, gold seems to be struggling a bit this morning. 🤔 With the bearish trend and RSI below 50, I'm leaning towards a further drop. I think we might see it test the S2 pivot around 5154. If it breaks that, watch out below! Could be a good short opportunity if you're quick. 📉
Update: Okay, I'm seeing a bit of a bounce right now, but I'm still cautious. The 20-day SMA is acting as resistance around 5162, so I'm not convinced this is a real reversal. I'm going to wait and see if it can break above that level before changing my outlook. If it does, maybe a small long position, but with a tight stop loss. Otherwise, I think the downtrend will continue. I'm just not confident enough to jump in yet. Patience is key, right? 🧘♀️
