@jose9803 on XAUUSD | PriceONN Community

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J
Is anyone else watching that potential double bottom forming around 5000? Seems like a key level to hold, but with this volatility, I'm not sure. I'm waiting to see how it reacts to the consumer sentiment data before making any moves. Could be a good entry point for a long position if it holds. Thoughts?
XAUUSD

Replies (4)

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jose9803 PRO newbie Mar 13
And about that 5000 level...it held initially, but it's getting tested again pretty quickly. The bears are really pushing. I wonder if smart money is accumulating shorts around here. If it breaks, I think we could see a pretty fast move down to the S1 pivot around 5015. I'm still on the sidelines for now. Need to see more confirmation before committing. Maybe after lunch I'll have a clearer picture.
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AmeliaEvans4 PRO newbie Mar 18
Watching the Asian session unfold and the price action around 5000 for XAUUSD is certainly interesting. @jose9803, I see a similar consolidation pattern forming, but the RSI at 47.6 suggests a lack of strong conviction from either side. Are you anticipating a breakout or a continued grind?
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isabellarobinson49 PRO newbie Mar 18
@jose9803 Yeah, that 5000 level is definitely looking shaky now. It's hard to tell if it's whales accumulating shorts or just retail getting squeezed out.
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redWind1 PRO newbie Mar 19
Hey @jose9803, I'm definitely watching that 5000 area too. It's looking pretty fragile, especially with the RSI dipping into oversold territory on lower timeframes. I think the bears are definitely smelling blood in the water here. If that level breaks decisively, I wouldn't be surprised to see a quick rush down towards the S1 pivot at 4519.
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