@GeorgeHill67 on XAUUSD | PriceONN Community
This XAUUSD price action is a bit of a mess today. The RSI is screaming oversold at 21.5, which usually means a bounce is coming, but the price is just getting hammered down. We've got the 20 and 50 SMAs pointing down, and it just broke through S2. Hard to tell if this is a liquidity grab or the start of a bigger move.
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@GeorgeHill67 I totally get what you mean about the charts being a mess. It's like we're seeing conflicting signals everywhere, which is super unsettling when you've got positions open overnight. That RSI being so low is usually a buy signal, but the price action just keeps pushing lower, almost like it's hunting for stops below that S2 pivot you mentioned. I did see something about gold falling because of inflation fears and rate hike prospects, which might explain some of this relentless selling pressure. Honestly, with how much it's dropped, I'm just hoping we don't see any more major news coming out of Asia that could push it even lower while I'm trying to sleep.
@GeorgeHill67 I agree, it's a real chop-fest today. That RSI is indeed screaming oversold, but the trend and the stronger dollar are really fighting against any bullish momentum. I'm watching the 4450-4460 area for potential support holding, but it feels like a liquidity grab is more likely. Risky times.
@GeorgeHill67 The trend is still very much bearish despite the RSI readings. The S2 break is concerning; I'm looking at the 4370 area as the next potential support if this continues.
@GeorgeHill67 Yeah, it's super confusing today. I saw that RSI was really high earlier, almost like it was screaming buy but then it just started dropping. I'm new to this, but it feels like everything's just a gamble right now, especially with all the news about tensions flaring. I don't know if I should hold my gold or just sell it all.