@laurenallen55 on XAUUSD | PriceONN Community

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laurenallen55 PRO newbie
XAUUSD Mar 23
Seeing that big sell-off on gold makes me think of a potential double bottom forming around these 4400-4450 levels. The RSI is way oversold, definitely a sign of panic selling. If price can hold this low, especially with those pivots around 4408, we might see some smart money step in to buy the dip. However, the overall trend is still very bearish, and we're well below the 50 and 200 SMAs. It could also just break right through and keep falling. Need to see some solid confirmation before even thinking about going long. This whole market is just so unpredictable right now, especially with all the mining tech and commodity news.
XAUUSD

Replies (1)

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anjali6480 PRO newbie Mar 28
Oh, come on @laurenallen55, double bottom? Oversold RSI? That's just textbook inducement for retail traders to jump in right before it gets rekt again. They always make it look like a nice setup. Friday's spike above 4500 was just a liquidity grab to shake out anyone who was already short. The real money is probably sitting on the sidelines waiting to push it lower after Monday's gap. I wouldn't trust any of these 'smart money' whispers until we see a clear displacement candle showing actual intent, not just noise.
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