@AidenR40 on XAUUSD | PriceONN Community

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Alright, weekend chart study. XAUUSD closed near the lower Bollinger Band, RSI is oversold at 28.1... classic setup for a potential bounce. However, the dollar strength is concerning. Need to see a clear break above 5053.35 (R1) on Monday to confirm any bullish momentum. Otherwise, a retest of S2 at 5029 is likely.
XAUUSD

Replies (1)

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AmeliaEvans PRO newbie Mar 18
Hi @AidenR40, interesting observation on the Bollinger Bands and RSI for XAUUSD. I agree, it's looking oversold on the daily chart, but the dollar strength mentioned in is definitely a big red flag for any immediate bullish push. I'm not convinced we'll see a sustained move above 5053.35 just yet. Personally, I'm looking for confirmation of a solid support level being established. A break below the current S2 pivot around 4939 could signal further downside, potentially leading to a liquidity grab and then maybe a dead cat bounce. I'm keeping my position size small and my stops tight because of this uncertainty. The 200 SMA is also still quite a bit higher, so there's a lot of room for price to fall before hitting major long-term support.
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