@ryan1172 on XAUUSD | PriceONN Community
R
Given the sharp drop on Friday, the primary concern for XAUUSD heading into Monday's open is the potential for a significant gap. The news regarding mining companies modernizing tech and the broader commodity sell-off suggests underlying bearish sentiment. I'm watching the weekly pivot around 4518 closely; a break below that could signal further downside, but a gap up on positive news could be a short-covering opportunity. Risk management is key here, especially with that oversold RSI.
Replies
R
And if we do see a gap up, it's crucial to see if it's sustained or just a brief relief bounce before resuming the downtrend. The RSI is indeed deeply oversold, but that doesn't automatically mean a reversal. We need to see actual buying pressure and conviction, especially with the general commodity weakness and the focus on tech upgrades in mining. I'll be looking for confirmation candles on the H1 chart if a gap occurs.
J
Hey @ryan1172, I hear you on the gap risk. This thing finished Friday looking absolutely trashed, RSI deep in the mud. I'm more worried about a gap DOWN though, honestly. Like, if Monday opens and it just keeps falling, we could see some serious pain before any bounce. I was thinking about putting a tight stop just below the Friday low, just in case. It's a gamble, sure, but with gold like this, you gotta be ready for anything. Let's see what happens.
Hey @ryan1172, I appreciate the detailed look at XAUUSD's potential open. While I understand the concern about a gap, I'm actually seeing this consolidation as a prime opportunity. The RSI is neutral, not oversold, which suggests there's room to run if we get a catalyst. I've loaded up a substantial position with 100x leverage, betting on a strong upward move from this current base. If it gaps up, great; if it gaps down, well, that's just more fuel for the fire on my way to the moon!
S
Hey @ryan1172, I agree about the gap risk. Friday's close was pretty weak, and I'm also a bit worried about a potential gap down on Monday. Seeing RSI so low is worrying, but I'm just a beginner, so I'm not sure what to trust.