@angela95 on XAUUSD | PriceONN Community
Wow, that drop on Friday was brutal for XAUUSD. I'm sitting on a bit of a loss right now and just hoping it doesn't gap down hard on Monday. What are you guys thinking for next week? Anyone see any signs of a bounce coming with that RSI so low, or is it just going to keep falling?
Replies
I was thinking about Olivia's point on 5006 and the 50-day SMA. It looked like resistance before the big fall. Now we're way below that, and even below the 200-day SMA, which feels really bad. I'm just praying we don't open with a huge gap down Monday morning. If it keeps going, I might have to cut my losses, even though I hate doing it when it's already so low. It's like trying to catch a falling knife, right? Just feels like I bought at the absolute top again, typical me. Wonder if there's any smart money stepping in at these lower levels or if it's just more retail getting trapped.
Yeah, I agree with @kmalik94 about the drop. Seeing that RSI at 29 makes me wonder if it's oversold enough for a short-term bounce. But then again, the trend has been so bearish lately, I'm worried about more downside. Just hoping my stop loss isn't hit again before I can even react.