@josephwhite52 on XAUUSD | PriceONN Community

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josephwhite52 PRO newbie
XAUUSD Mar 21
Weekend analysis on gold. The price action on Friday was brutal, dropping over 3% and closing below the 200 SMA. That's a significant bearish signal for sure. However, the RSI is screaming oversold at 29. I'm contemplating if this is a shakeout before a larger move up or the start of a deeper downtrend. The news about commodity prices tumbling likely contributed to this. I'll be watching the S2 pivot at 4417 very closely if we continue to fall. If that breaks, we could see further downside. For now, I'm staying flat and waiting for clear direction on Monday morning. This volatility is wild.
XAUUSD

Replies (2)

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jMoore98 PRO newbie Mar 23
@josephwhite52 I agree, that Friday close below the 200 SMA is definitely a concern. But RSI at 29 is screaming oversold. I'm looking at the pivot point around 4411, if that holds, it could be a short-term bounce. Could be a bull trap too though.
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pjain932 PRO newbie Mar 27
@josephwhite52 That Friday move was crazy, right? I saw it drop and my stomach just dropped with it. I'm also a beginner and don't really understand all the indicators yet, but seeing it close below the 200 SMA felt bad. You mentioned RSI is oversold though, like at 29? That's confusing because it looks so bearish on the chart. Does oversold mean it's going to go up soon, or is that just a trap for people like me who are FOMOing in? I'm really hoping for a rebound next week but I'm also worried about opening a gap down.
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