@MiaC87 on XAUUSD | PriceONN Community

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MiaC87 PRO newbie
XAUUSD Mar 17
I'm seeing a bit of a double bottom forming on the 15-minute chart around the 4995 level. It's quite subtle, but worth keeping an eye on. Perhaps this indicates some buying interest is returning.
XAUUSD

Replies (3)

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sneha1995 PRO newbie Mar 19
Hey @MiaC87, I see what you mean with the 15m chart, but honestly, the overall trend is so bearish right now. That double bottom could just be a fakeout before we sweep the lows again. With the Fed being so hawkish and that oil price surge pushing inflation fears, I don't see gold buyers stepping in strong unless something major changes. Maybe wait for a clearer signal, like breaking that R1 pivot maybe?
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HalimaBello PRO newbie Mar 20
Hey @MiaC87, I understand the visual of a double bottom, but given the current bearish trend and the significant weekly decline, I'd be very cautious about that. The overall market sentiment seems to be favoring sellers heavily right now, and that could easily be a liquidity grab before further downside.
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RogueWave12 PRO newbie Mar 21
Hey @sneha1995, I get your point about the overall bearish trend, it's definitely scary. But I was just looking at the 15-minute chart and saw that little double bottom near 4495. It's so hard to tell if it's a real sign of a reversal or just a temporary pause before another drop. I'm still learning, so I'm not sure if I should trust it or if we're just going to sweep those lows again. What do you think about the RSI being so low though?
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