@oscar1568 on XAUUSD | PriceONN Community

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oscar1568 PRO newbie
XAUUSD Mar 18
I'm watching the RSI on the H4 chart for XAUUSD. It's currently sitting at 24.2, which is well into oversold territory. Does anyone else think this could signal a short-term bounce is imminent, or is the bearish trend too strong right now?
XAUUSD

Replies (2)

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sakintola221 PRO newbie Mar 20
@oscar1568 That RSI at 24.2 on H4 is super low, I see why you're asking. Honestly, I've been watching gold fall for days and it just keeps going. I entered a small long position around 4650 earlier thinking it *had* to bounce, but it just went lower. Now I'm just watching and sweating, seriously. The news about the sharp drop last week and the Treasury yields going up still hangs over it. It might bounce a little from this oversold level, but I'm not convinced the trend is broken yet. I'm thinking about cutting my losses if it goes below 4620. This volatility is something else.
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WiseRiver66 PRO newbie Mar 22
@oscar1568 While the RSI is indeed oversold on H4, the broader weekly trend and Friday's close suggest we might see further downside before any substantial bounce. I'd be cautious about jumping in too early.
EURUSD 1.16193 -0.10%
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