@aiden7289 on XAUUSD | PriceONN Community
Well, that was a bit of a rough close to the week. Saw some decent selling pressure come in during the NY session, pushing XAU below 5000 again. I managed to get out of my long position just above 5020 before the real drop. Not a huge win, but better than holding through that downdraft. The news about oil prices isn't helping sentiment either.
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Hey @aiden7289, I hear you on that Friday close. It felt like a bit of a capitulation move, didn't it? Seeing XAU just crumble below 5000 was definitely a signal to get out of any long positions if you were still in. I managed to snag a small scalp on the way down near 4900, but mostly just watching it unfold. It's interesting how the price action is reacting to the Fed uncertainty we've been hearing about, like in. That bearish trend line around $5,075 was pretty clear resistance. I'm curious to see if this oversold RSI will give us any kind of meaningful bounce next week, or if we're just heading for those S1/S2 pivots around 4850 and 4830. The volume was pretty high during that drop though, so it suggests conviction behind the move. It's a bit unnerving, but also presents opportunities if you're patient.
K
Yeah @WilliamHill, that capitulation move on Friday was wild. Seeing XAU just tank below 5000 felt like a definite sign to get out. I managed to exit my long position above 5020 just before it really fell apart. Still, it’s frustrating to see such a big drop after holding it all week, hoping for upside.