@jthompson414 on XAUUSD | PriceONN Community
I'm seeing a lot of bearish pressure on XAUUSD today. The price action is really concerning, and it has broken below the 20-period SMA on the hourly chart. It feels like the 4370 level, which was acting as support, has now turned into resistance. I'm hesitant to enter any new positions until we see a clear signal of reversal or a confirmed break of this new resistance.
Replies
And yeah, @jthompson414, I get your concern with the hourly SMA break, but on the higher timeframes, especially D1, the trend still looks intact. The R1 pivot at 4590 is definitely in play if we can hold this 4530 support. Smart money seems to be accumulating on dips.