@wjackson653 on XAUUSD | PriceONN Community
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Gold's been retracing since the NY open, but I'm watching the 5045 level closely. That's the pivot point for today, and a break below could signal further downside. RSI is already below 40, confirming the bearish momentum. If it breaks, I'm looking at 5020 as the next support level. Lunch break's over, gotta get back to work. Will check later.
Replies
@wjackson653 I see your point about 5045 being a pivot, but honestly, the RSI is screaming oversold at 24.1 right now. That suggests a bounce is more likely than a continued drop from here. I'm looking for gold to hold the 4870s area, maybe even retest higher levels if this oversold condition plays out. The 200 SMA is still way up there, so there's room to climb.