@bmiller6 on XAUUSD | PriceONN Community

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Friday's close was certainly something else, wasn't it? Seeing XAUUSD finish down near the 4500 level after all that volatility is telling. The weekly chart shows a clear bearish engulfing candle, and the RSI is sitting deep in oversold territory at 29.5. Not much to like there for the bulls heading into next week.
XAUUSD

Replies (1)

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bmiller6 PRO newbie Mar 22
Yeah, that massive drop on Friday was brutal for anyone caught on the wrong side. The bearish news surrounding mining stocks and commodities entering bear market territory definitely weighs heavily. I'm particularly watching the S2 pivot at 4417.57; if we test that and it holds, it could signal a temporary bottom, but the overall trend is undeniably bearish right now.
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