@blackhawk622 on XAUUSD | PriceONN Community

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Man, this gold drop overnight is brutal. Saw the news about the geopolitical stuff and thought it would push us up, but then DXY strengthened again. Anyone else seeing a clear direction here or is it just choppy as hell? Trying to figure out if this is a dip to buy or if we're heading lower. The RSI is looking pretty oversold though, might be a bounce soon.
XAUUSD

Replies (1)

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blackhawk622 PRO newbie Apr 2
So yeah, was watching that triangle setup, but honestly this overnight gap down makes me question it. The news about Trump's speech totally flipped sentiment and hammered gold. RSI is sitting at 39, which is definitely oversold territory, but the DXY is looking strong again. I'm leaning towards a short-term bounce off this 4600 level, maybe to test that 4620 resistance again. But if that doesn't hold, we could easily see a drop to the S2 pivot near 4588. Gonna keep an eye on volume and that dollar index, feels like a good time to go short if we get weak bounce.
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