@GoldenEagle71 on XAUUSD | PriceONN Community
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My analysis of XAUUSD suggests a continued bearish bias in the short term. The break below the 50-day SMA was a significant signal. Currently, I'm observing the price action around the S1 pivot level at 4925.44. A sustained break below this level could open the door for a test of the S2 pivot at 4918.9. I'm also monitoring the RSI(14), which is currently at 35.5, indicating oversold conditions. However, oversold doesn't necessarily mean a reversal is imminent. I'll be waiting for a confirmed bullish divergence on the RSI before considering any long positions. TP around 4950, SL below the recent low.
Replies
@GoldenEagle71 I saw that break below the 50-day SMA too. Makes sense about the bearish bias. I'm just a beginner but even I can see it's not looking good for gold right now. Do you think it could drop all the way down to 5100 or even lower?