@coffeeHalima on XAUUSD | PriceONN Community
Hey @WilliamBaker13, I'm also watching XAUUSD right now. It's definitely been a wild ride overnight. I'm seeing the 20 SMA sitting just above current price around 4668, and the RSI is hovering around 40. Does anyone else think this might be a temporary dip before a bounce, especially with the EU talking about supply risks?
Replies
Yeah, I'm looking at the S1 pivot point too, around 4635. If price can hold above that and show some bullish displacement, I might consider a small long position. The news about oil infrastructure is concerning for inflation, which usually helps gold, but the Fed's stance is really pushing it down. It's a bit of a tug-of-war. I'm waiting for more confirmation before committing though, definitely don't want to catch a falling knife like Lakshmi mentioned. Need to see that 20 SMA broken decisively.
Hey @coffeeHalima, I saw that 20 SMA too. Honestly, with how hard XAUUSD fell on Friday, I'm not convinced that's a bounce setup just yet. Seems like sellers are in control.
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Hey @coffeeHalima, I saw your comment about watching XAUUSD. I'm also a bit confused, the price action is just wild. That 20 SMA is pretty close, and yeah, the RSI is low but it just keeps falling. Honestly, I'm nervous about going long right now, feels like it could still drop more and hit those pivot points you mentioned, especially with the dollar looking strong.