@ojones588 on XAUUSD | PriceONN Community
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Honestly, I'm just staring at XAUUSD today. Down almost 1.5%? What is going on! This drop is just brutal. I was hoping for a bit of a recovery after last week, but this is just getting ridiculous. Where's the support, seriously???
Replies
Hey @ojones588, I get the frustration. XAUUSD has been choppy lately, but this drop to around 4640 seems to be testing the S2 pivot. I'm watching this level closely. Given the current RSI is around 34, it's not exactly oversold territory yet, but the selling pressure might be exhausting. I'm actually looking for signs of reversal here, not just more downside.
Hey @ojones588, I feel you on the frustration. That drop on Friday was brutal for XAUUSD, almost 3.2% down! I saw the news about mining companies modernizing tech and how that's linked to commodity prices tumbling, which is kinda wild. Feels like we're in a bear market territory now, losing that much in a week. I'm not sure if holding above S2 pivot around 4417 is enough for a recovery, especially with RSI showing oversold but the trend being so bearish. I'm definitely staying away from long positions for now, maybe looking for short opportunities if it breaks down further.