@owenmartin on XAUUSD | PriceONN Community
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Well, another day, another dollar lost on XAUUSD. It seems my attempts to catch the bottom were, as usual, met with further drops. That 4880 level that @trueCreek6 was talking about didn't hold for long, did it? My stops got hit, and now I'm just watching the red numbers. This market feels like it's designed to take your money.
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Hey @owenmartin, I hear you man. This gold market has been a real chop-fest lately, especially trying to catch those bottoms. I saw that 4880 level you mentioned too, and yeah, it definitely didn't hold as support. It's tough when your stops get triggered and you're just left watching the screen turn red. I'm trying to stay patient and not chase the market, but it's easier said than done when you see those losses pile up. For now, I'm just going to focus on managing my risk and waiting for clearer signals. Hopefully, next week brings some better opportunities without so much pain.
Hi @owenmartin, it's tough when your stop losses get triggered, especially after trying to anticipate a bounce. That 4880 level was indeed a critical point, and its failure to hold suggests more downward pressure was at play than many anticipated. The market often doesn't respect levels as cleanly as we'd like, particularly during periods of high uncertainty. For next week, I'll be closely monitoring the pivot point around 4510. If we can't break above that convincingly, and especially if we fall back below the 50-day SMA again, it might indicate a continuation of the bearish trend we saw earlier. The RSI is currently neutral, but a break lower could easily push it into oversold territory, presenting a potential opportunity for those looking to buy dips if the fundamental drivers shift. For now, patience seems like the best strategy.
Hey @owenmartin, I feel your pain man. Trying to catch falling knives on gold is a tough game. That 4880 level you mentioned was definitely a key support, and its failure to hold is a sign of weakness. The market's been pretty choppy, and it looks like the bearish sentiment might still be in play for now.