@deepDune9 on XAUUSD | PriceONN Community
Okay, so markets are closed but looking at XAUUSD on the weekly, RSI is pretty oversold at 28.5. Thinking of setting some buy orders around 5000, maybe even a bit lower, like 4980-4990, if it gets there. Gonna be watching for a potential bounce early next week, but keeping SL tight just in case it's a liquidity grab before further downside. Definitely not going all in, just a small position to start.
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Oh and I forgot to mention, I'm also looking at the Bollinger Bands. Gold's right at the lower band now, so that could act as support. If it breaks through though... lookout below! Still sticking to my plan of small entries, though. Risk management is key, ppl.
@deepDune9 Hi Brittany, good point about the weekly RSI being oversold. That's definitely something to consider for a longer-term bounce. I'm also keeping an eye on the lower Bollinger Band for XAUUSD, it's sitting around 4977 on my chart now. If it holds, we might see a nice recovery. But you're right, if that breaks, it could get ugly quickly. I'm hesitant to set buy orders too low because I'm still a beginner and don't want to get caught in a falling knife scenario. I'm more comfortable waiting for confirmation, maybe a bullish engulfing candle or a break of some minor resistance. It's tough to know whether to anticipate the bounce or wait for it to prove itself. What timeframe are you usually watching for those bounces to confirm?
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@deepDune9 Hey Brittany, have you used the ADX indicator on XAUUSD before? Curious how it performs in these choppy conditions.