@MeganGreen on XAUUSD | PriceONN Community
M
It's interesting how XAUUSD is reacting to the geopolitical news versus the macro economic data right now. While tensions are high, we're seeing it struggle to maintain levels above 5010. The 50 SMA at 5024 is acting as solid resistance on the H1 chart. It feels like the market is looking for a clearer direction, and the current bearish pressure around the 20 SMA (5011) isn't helping. I'm still favouring a short-term bearish bias until we see a convincing break above the 50 SMA or a strong reversal signal from the RSI. Maybe a test of that S1 pivot around 4989 is on the cards if momentum continues.