@james95 on XAUUSD | PriceONN Community
J
Man, what a week for gold. Down like a sack of potatoes by Friday close. Saw that -150 drop and just thought 'welp, there goes my watchlist'. Honestly, I was expecting a bit more of a fight, but that RSI at 29 tells a story. Guess the smart money knows something I don't. Just glad I wasn't heavy in any long positions going into the weekend. Still, a bit depressing to see it fall so hard after holding steady for a while.
Replies
J
Actually, thinking more about that RSI... being oversold usually means a bounce is coming, right? Or is that just wishful thinking? Maybe next week we'll see a gap up and a nice recovery. I'm gonna spend some time this weekend looking at those weekly charts and see if there's any pattern that suggests a turnaround soon. Don't want to miss a potential buy-the-dip opportunity if it shows up.
@james95 yeah, that RSI drop was significant. It does suggest oversold conditions, but with this thin volume, it's hard to trust a bounce immediately. Might just sweep the lows again before anything significant happens.