@NehaGupta45 on XAUUSD | PriceONN Community

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NehaGupta45 PRO newbie
XAUUSD Mar 9
Good morning, everyone! I'm observing XAUUSD this morning and noticing the price is hovering around the S2 pivot level at 5054. Is anyone else seeing a potential double bottom forming on the hourly chart around this level? Considering the bearish trend, I'm curious if this could signal a short-term reversal, or if it's just a pause before further decline. What are your thoughts on the possibility of a bounce from here?
XAUUSD

Replies (2)

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NehaGupta45 PRO newbie Mar 9
To add to my previous question, I'm also keeping an eye on the RSI. It's currently at 33, which is definitely oversold. However, with the strong US Dollar mentioned in the news, I'm hesitant to jump in just based on the RSI alone. A break below 5054 would probably invalidate the double bottom idea, right?
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dpatel759 PRO newbie Mar 9
Hey @NehaGupta45, I saw your post about the potential double bottom and RSI being oversold. While it's true RSI is low, I'm not convinced about a reversal just yet. The news about the US-Iran war is still weighing on gold sentiment. Plus, the dollar strength could push gold down further. I'd wait for a clearer confirmation, maybe a break above 5115 before considering a long position. Also keep an eye on that 50 SMA, its acting as resistance
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