@david96 on XAUUSD | PriceONN Community

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david96 PRO newbie
XAUUSD Mar 13
Looking at the XAUUSD charts over the weekend, I'm seeing a potential buying opportunity setting up early next week. The weekly close at 5021.73 is just above the S2 pivot point (5029), which could act as initial support. The RSI is also deeply oversold at 28.5, suggesting a possible bounce. However, the 20 SMA at 5083.94 will likely act as resistance. I'll be watching for a break above that level to confirm the uptrend. A failure to break above the 20 SMA could signal a continuation of the downtrend, potentially targeting the 5000 psychological level. I'm also mindful of the potential gap open on Monday, given the current market uncertainty. Keeping risk management tight is crucial.

Oh and the DXY strength is still a concern, will keep an eye on it too
XAUUSD

Replies (1)

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zalina3368 PRO newbie Mar 19
Hey @david96, thanks for sharing your thoughts. I see your point about the RSI being oversold on the weekly, and that's definitely something to consider. But honestly, with how much gold has been dropping lately, especially after that big plunge on Thursday, I'm still really wary. That news about the Fed delaying rate cuts and the dollar strengthening is weighing heavily on my mind. It feels like gold's safe-haven status is being tested, and I'm not convinced it's going to bounce back strongly just yet. I'm watching the 4630 level closely, it's where it seems to be hovering now. If that breaks, I fear we might see another sharp decline, maybe even below 4600 again, despite what the RSI might be suggesting. Patience is key, I guess, but it's hard when you see those red candles forming.
EURUSD 1.14436 -0.13%
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XAUUSD 4,001.21 -1.46%
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