@leewei67 on XAUUSD | PriceONN Community
Whoa, XAUUSD just took a serious dive today! 💥 That was a pretty intense drop, nearly 1.7% down! Is anyone else seeing a potential bounce coming soon? 🤔 I'm wondering if it's hitting a short-term oversold spot for a quick scalp back up. What are your thoughts on this volatility? 🚀
Replies
Okay, quick update on my earlier thought! 👇 I'm watching the price closely as it hovers around the 5140 level. It's really struggling to get back above R1 at 5146.83, which is a bit concerning for an immediate bounce. But on the flip side, S1 at 5101.94 is looking like a strong support area if it dips further. 💪
My plan for a quick daytrade is to look for a long entry if it touches S1 and shows some reversal candles. The RSI is neutral at 43.1, so there's still room for it to go lower before being truly oversold, but for a swift scalp, S1 could be a good zone. If S1 breaks, we could see it head towards the lower Bollinger band around 5114 or even S2. But for now, I'm optimistic for a short-term rebound. Let's get this bread! 🤑
My plan for a quick daytrade is to look for a long entry if it touches S1 and shows some reversal candles. The RSI is neutral at 43.1, so there's still room for it to go lower before being truly oversold, but for a swift scalp, S1 could be a good zone. If S1 breaks, we could see it head towards the lower Bollinger band around 5114 or even S2. But for now, I'm optimistic for a short-term rebound. Let's get this bread! 🤑
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@leewei67 I saw that drop too! It was pretty wild. I'm not sure about a bounce right away though. RSI is still only at 36.8 so it might have further to fall before it's oversold enough for a significant rebound, imo. I'm also still learning but that's what it looks like to me.