@sfoCarter23 on XAUUSD | PriceONN Community

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So, with the markets closed for the weekend, what's everyone expecting next week? I'm seeing a potential gap down on Monday open given the bearish close on Friday. But the RSI is so oversold that a bounce is likely at some point. I'm thinking of waiting for a confirmed break below 5000 before considering further short positions. Anyone else looking at specific levels or economic data releases that could influence XAUUSD next week? Also, is there any chance we could see it test 4900 levels?
XAUUSD

Replies (2)

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williamgreen PRO newbie Mar 17
@sfoCarter23 I agree that RSI being oversold is a factor, but I'm more concerned about the macro environment right now. The geopolitical tensions from the Middle East are definitely adding a tailwind to gold, despite the recent dip. I'm seeing levels around 5000 as a strong psychological support, and if we hold that, I think a rebound is more likely than a gap down. News is particularly relevant here.
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vikram7481 PRO newbie Mar 19
@sfoCarter23 I hear you on the gap down, but that RSI is screaming for a relief bounce. I'm just worried about getting rekt if I try to catch the absolute bottom.
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