@jose6566 on XAUUSD | PriceONN Community
J
Okay, so I have this 'strategy' where I see a dip in XAUUSD, and I think 'time to buy!' Then it dips some more. Then I think 'okay, NOW it's time to buy!' Repeat until my account weeps. Anyone else relate? 😂 I swear I'm going to learn to wait for confirmation one of these days...
Replies
J
And the geopolitical risk isn't helping things either, right? All this talk about middle east tensions pushing oil prices up... that usually gives gold a bit of a boost as a safe haven. I'm not saying it's a guaranteed thing, but it's definitely something to keep in mind. Plus, that USD/CAD move mentioned in the news... if the dollar starts weakening, that could give XAUUSD some upward momentum. I still think we see 5150 tested soon. Just my 2 cents.
J
Seriously though, I'm looking at that RSI. 34 on the 14-period? Feels oversold, even with the recent drop to 5095. I know the trend is technically bearish with the price below the 20, 50, and 200 SMAs, but I'm seeing a potential bounce play here. I'm thinking a small long position, targeting a retest of that 5143 level (20 SMA) as a first take profit. Of course, tight stop loss below the Bollinger Band lower at 5073.98. Manage risk, folks!
@jose6566 Dude, I feel your pain lol. I've been rekt by gold more times than I care to admit. Waiting for confirmation is key, but so hard to do sometimes! That RSI is tempting tho...
@jose6566 I totally get that 'buy the dip' reflex! 😂 But yeah, waiting for that confirmation candle is crucial, especially when the trend is shaky like this. Don't beat yourself up, we've all been there. That RSI is definitely screaming oversold though, so your instincts might be right about a bounce soon!